https://www.taxtmi.com/caselaws?id=456530 The ITAT Chandigarh ruled in favor of the assessee, holding that deposits in the capital account could not be treated as income from other sources. The AO had recorded the assessee's statement on 23.11.2009 when he was mentally unfit following surgery and hospitalization, with medical records showing memory loss and altered behavior. The tribunal found sufficient documentary evidence supporting commodity transaction profits received from Shri Shagun Garg through banking channels. Shri Shagun Garg confirmed the payments and his identity was established. The ITAT held that relying on statements from a mentally unfit person was unjustified when documentary evidence was available, and the assessee had discharged the burden of proving the nature and source of deposits. en-us Thu, 16 Jul 2015 00:00:00 +0530 Wed, 31 Jul 2024 20:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456530 The ITAT Chandigarh ruled in favor of the assessee, holding that deposits in the capital account could not be treated as income from other sources. The AO had recorded the assessee's statement on 23.11.2009 when he was mentally unfit following surgery and hospitalization, with medical records showing memory loss and altered behavior. The tribunal found sufficient documentary evidence supporting commodity transaction profits received from Shri Shagun Garg through banking channels. Shri Shagun Garg confirmed the payments and his identity was established. The ITAT held that relying on statements from a mentally unfit person was unjustified when documentary evidence was available, and the assessee had discharged the burden of proving the nature and source of deposits. Case-Laws Income Tax Thu, 16 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456530