https://www.taxtmi.com/caselaws?id=311866 Cash deposits were sustained where the assessee's explanation that they represented old land sale proceeds kept for years and later moved in cash from Meghalaya to Delhi was found inherently improbable on the facts. The Tribunal held that the addition could not be deleted merely because the Assessing Officer invoked section 68 instead of section 69, since the surrounding circumstances and human probability did not support the explanation for the deposits. The first appellate order was affirmed and the assessee's challenge failed. en-us Wed, 16 Aug 2023 00:00:00 +0530 Wed, 17 Jan 2024 21:07:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311866 Cash deposits were sustained where the assessee's explanation that they represented old land sale proceeds kept for years and later moved in cash from Meghalaya to Delhi was found inherently improbable on the facts. The Tribunal held that the addition could not be deleted merely because the Assessing Officer invoked section 68 instead of section 69, since the surrounding circumstances and human probability did not support the explanation for the deposits. The first appellate order was affirmed and the assessee's challenge failed. Case-Laws Income Tax Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311866