https://www.taxtmi.com/caselaws?id=752692 The ITAT Delhi upheld the CIT(A)'s decision to sustain additions under section 69 for unexplained cash/credit deposits in the assessee's bank account. The assessee claimed to work as a land aggregator for a builder company but failed to produce substantial evidence, including company directors' confirmations. The CIT(A) found suspicious the quick return of alleged land purchase advances within 2-15 days and unexplained interest payments of Rs. 50 lakh. Since the assessee opted for assessment under section 44AD without maintaining regular books, stronger evidence was required to justify the transactions. The ITAT found the CIT(A)'s conclusions were based on proper analysis rather than mere suspicion and dismissed the appeal. en-us Tue, 14 May 2024 00:00:00 +0530 Thu, 16 May 2024 08:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752692 The ITAT Delhi upheld the CIT(A)'s decision to sustain additions under section 69 for unexplained cash/credit deposits in the assessee's bank account. The assessee claimed to work as a land aggregator for a builder company but failed to produce substantial evidence, including company directors' confirmations. The CIT(A) found suspicious the quick return of alleged land purchase advances within 2-15 days and unexplained interest payments of Rs. 50 lakh. Since the assessee opted for assessment under section 44AD without maintaining regular books, stronger evidence was required to justify the transactions. The ITAT found the CIT(A)'s conclusions were based on proper analysis rather than mere suspicion and dismissed the appeal. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752692