https://www.taxtmi.com/caselaws?id=451043 ITAT Jodhpur allowed the assessee's appeal against addition under section 69A for unexplained money deposits totaling Rs. 13,85,200 and credits of Rs. 14,72,754. The assessee explained the cash deposits originated from marriage gifts, including money from father-in-law and proceeds from selling jewelry received during marriage and subsequent functions due to financial crisis from speculative transaction losses. The tribunal accepted the explanation supported by detailed gift lists and affidavits, ruling the deposits cannot be considered as income. The addition sustained by lower authorities was deleted as unjustified. en-us Wed, 13 Mar 2024 00:00:00 +0530 Tue, 19 Mar 2024 08:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451043 ITAT Jodhpur allowed the assessee's appeal against addition under section 69A for unexplained money deposits totaling Rs. 13,85,200 and credits of Rs. 14,72,754. The assessee explained the cash deposits originated from marriage gifts, including money from father-in-law and proceeds from selling jewelry received during marriage and subsequent functions due to financial crisis from speculative transaction losses. The tribunal accepted the explanation supported by detailed gift lists and affidavits, ruling the deposits cannot be considered as income. The addition sustained by lower authorities was deleted as unjustified. Case-Laws Income Tax Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451043