https://www.taxtmi.com/caselaws?id=439731 Fixed deposits created through an auto sweep facility were held not to be unexplained investment where the assessee produced bank statements and FD details showing salary credits in the savings account, automatic transfer of surplus balances into fixed deposits, and re-credit on premature break-up when needed. The bank records corroborated the linkage between the savings account and the deposits, and the revenue did not disprove this explanation. On the material on record, the deposits were found to have arisen from salary income and savings, so the addition under section 69 was deleted. en-us Fri, 31 Mar 2023 00:00:00 +0530 Sat, 01 Jul 2023 08:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439731 Fixed deposits created through an auto sweep facility were held not to be unexplained investment where the assessee produced bank statements and FD details showing salary credits in the savings account, automatic transfer of surplus balances into fixed deposits, and re-credit on premature break-up when needed. The bank records corroborated the linkage between the savings account and the deposits, and the revenue did not disprove this explanation. On the material on record, the deposits were found to have arisen from salary income and savings, so the addition under section 69 was deleted. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439731