https://www.taxtmi.com/caselaws?id=308366 The Tribunal allowed the Assessee's appeal, overturning the addition of Rs.17,31,500 made by the Assessing Officer. The Tribunal held that the Assessee satisfactorily explained the source of funds for cash deposits, emphasizing the legal position established by the Karnataka High Court. The Revenue authorities were criticized for proceeding on assumptions and surmises, with the Tribunal emphasizing that the Assessee's explanation should not be disbelieved merely based on improbabilities. The judgment was pronounced on August 24, 2018. en-us Fri, 24 Aug 2018 00:00:00 +0530 Tue, 20 Jun 2023 21:05:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308366 The Tribunal allowed the Assessee's appeal, overturning the addition of Rs.17,31,500 made by the Assessing Officer. The Tribunal held that the Assessee satisfactorily explained the source of funds for cash deposits, emphasizing the legal position established by the Karnataka High Court. The Revenue authorities were criticized for proceeding on assumptions and surmises, with the Tribunal emphasizing that the Assessee's explanation should not be disbelieved merely based on improbabilities. The judgment was pronounced on August 24, 2018. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308366