https://www.taxtmi.com/caselaws?id=449399 Unexplained cash deposits justified additions under section 68 where the assessees failed to prove the source of the deposits or establish the identity, creditworthiness and genuineness of the alleged creditors. The court rejected the argument that the additions were invalid because the assessment order referred to an incorrect provision, holding that the source of power could still be traced from the record. It also found, on the facts, that the challenge based on bank passbooks was untenable and that remand would serve no purpose in the absence of proof of source. The additions were therefore sustained and the Revenue's position prevailed. en-us Tue, 06 Feb 2024 00:00:00 +0530 Sat, 18 Oct 2025 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449399 Unexplained cash deposits justified additions under section 68 where the assessees failed to prove the source of the deposits or establish the identity, creditworthiness and genuineness of the alleged creditors. The court rejected the argument that the additions were invalid because the assessment order referred to an incorrect provision, holding that the source of power could still be traced from the record. It also found, on the facts, that the challenge based on bank passbooks was untenable and that remand would serve no purpose in the absence of proof of source. The additions were therefore sustained and the Revenue's position prevailed. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449399