https://www.taxtmi.com/caselaws?id=446099 The ITAT Chennai dismissed the appeal concerning unexplained cash deposits in the assessee's bank account. Despite the assessee's claim that her husband operated the account and borrowed funds from bank customers to meet deposit targets, the tribunal found insufficient evidence. The assessee failed to produce the depositors, provide loan documentation, establish their identity and capacity, or furnish confirmation letters. The tribunal deemed the explanation unbelievable, noting depositors could increase bank deposits in their own names without using another's account, and concluded the claim was an afterthought lacking substantiation. en-us Wed, 13 Sep 2023 00:00:00 +0530 Fri, 24 Nov 2023 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446099 The ITAT Chennai dismissed the appeal concerning unexplained cash deposits in the assessee's bank account. Despite the assessee's claim that her husband operated the account and borrowed funds from bank customers to meet deposit targets, the tribunal found insufficient evidence. The assessee failed to produce the depositors, provide loan documentation, establish their identity and capacity, or furnish confirmation letters. The tribunal deemed the explanation unbelievable, noting depositors could increase bank deposits in their own names without using another's account, and concluded the claim was an afterthought lacking substantiation. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446099