https://www.taxtmi.com/caselaws?id=438910 The case involved issues of unexplained deposits/loans, reliance on inadequate submissions, failure to conduct an independent inquiry, and errors in the Commissioner of Income Tax (Appeals) order. The Assessing Officer added unexplained cash deposits due to lack of evidence. The CIT(A) accepted part of the explanation but sustained the addition based on the assessee's history. The Tribunal upheld the decision, emphasizing the nature of the assessee's business. The High Court supported the Tribunal's findings, leading to the dismissal of appeals. The judgment underscores the need to substantiate income sources and considers past activities in tax assessments. en-us Fri, 09 Jun 2023 00:00:00 +0530 Mon, 12 Jun 2023 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438910 The case involved issues of unexplained deposits/loans, reliance on inadequate submissions, failure to conduct an independent inquiry, and errors in the Commissioner of Income Tax (Appeals) order. The Assessing Officer added unexplained cash deposits due to lack of evidence. The CIT(A) accepted part of the explanation but sustained the addition based on the assessee's history. The Tribunal upheld the decision, emphasizing the nature of the assessee's business. The High Court supported the Tribunal's findings, leading to the dismissal of appeals. The judgment underscores the need to substantiate income sources and considers past activities in tax assessments. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438910