https://www.taxtmi.com/caselaws?id=753604 The ITAT Ahmedabad set aside the CIT(A)'s order and directed the AO to delete the addition of Rs. 4,28,000 under section 69A of the Income Tax Act, 1961. The Tribunal found that the lower authorities failed to properly verify the affidavits submitted by the assessee's parents, which explained the source of cash deposits. The Tribunal emphasized the revenue's burden of proof and the necessity of thorough verification when plausible explanations are supported by affidavits. The appeal was allowed, underscoring the importance of fair investigation and consideration of credible evidence in income tax assessments. en-us Fri, 31 May 2024 00:00:00 +0530 Wed, 05 Jun 2024 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753604 The ITAT Ahmedabad set aside the CIT(A)'s order and directed the AO to delete the addition of Rs. 4,28,000 under section 69A of the Income Tax Act, 1961. The Tribunal found that the lower authorities failed to properly verify the affidavits submitted by the assessee's parents, which explained the source of cash deposits. The Tribunal emphasized the revenue's burden of proof and the necessity of thorough verification when plausible explanations are supported by affidavits. The appeal was allowed, underscoring the importance of fair investigation and consideration of credible evidence in income tax assessments. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753604