https://www.taxtmi.com/caselaws?id=753907 ITAT Chennai partially allowed the appeal regarding deemed income under section 69A for unexplained cash deposits. The assessee failed to prove interest-free loans to various persons due to lack of proper records and acknowledgments, with affidavits furnished only after assessment proceedings began. However, the tribunal accepted the sale of house property for Rs. 18,00,000 supported by registered sale deed as credible evidence for cash deposits. The claim regarding jewellery sale for Rs. 5,25,000 was rejected due to insufficient evidence. Addition of Rs. 18,00,000 was deleted while remaining unexplained deposits were sustained. en-us Fri, 19 Jan 2024 00:00:00 +0530 Thu, 13 Jun 2024 08:09:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753907 ITAT Chennai partially allowed the appeal regarding deemed income under section 69A for unexplained cash deposits. The assessee failed to prove interest-free loans to various persons due to lack of proper records and acknowledgments, with affidavits furnished only after assessment proceedings began. However, the tribunal accepted the sale of house property for Rs. 18,00,000 supported by registered sale deed as credible evidence for cash deposits. The claim regarding jewellery sale for Rs. 5,25,000 was rejected due to insufficient evidence. Addition of Rs. 18,00,000 was deleted while remaining unexplained deposits were sustained. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753907