https://www.taxtmi.com/caselaws?id=309134 The tribunal upheld the reopening of assessment for the years in question based on substantial unexplained cash deposits in the assessee's bank account. The tribunal found the explanation provided by the assessee regarding the cash deposits insufficient. Regarding the addition of cash deposits under sections 68 and 69 of the Income Tax Act, the tribunal directed a thorough examination of the transactions and beneficiaries, emphasizing the onus of proving the source of the deposits on the assessee. The appeals were partially allowed for statistical purposes, setting aside the additions made under sections 68 and 69, and remanded back to the assessing officer for fresh assessment with a focus on verifying the sources of the cash deposits. en-us Fri, 11 Mar 2016 00:00:00 +0530 Sat, 12 Aug 2023 08:32:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309134 The tribunal upheld the reopening of assessment for the years in question based on substantial unexplained cash deposits in the assessee's bank account. The tribunal found the explanation provided by the assessee regarding the cash deposits insufficient. Regarding the addition of cash deposits under sections 68 and 69 of the Income Tax Act, the tribunal directed a thorough examination of the transactions and beneficiaries, emphasizing the onus of proving the source of the deposits on the assessee. The appeals were partially allowed for statistical purposes, setting aside the additions made under sections 68 and 69, and remanded back to the assessing officer for fresh assessment with a focus on verifying the sources of the cash deposits. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309134