https://www.taxtmi.com/caselaws?id=757371 Miscellaneous proceedings under section 68 cannot be used to disturb additions for cash deposits already examined in the original appellate process, especially where the assessees failed to prove identity, creditworthiness and genuineness and no mistake apparent from the record was shown. A later binding jurisdictional precedent on interest under sections 234A and 234B overrides the earlier view relied on by the Tribunal, so deletion of such interest cannot survive once the later decision holds the interest chargeable on assessed income. The note therefore reflects a mixed result, with the assessees' challenge failing on unexplained cash deposits and the Revenue succeeding on interest. en-us Mon, 12 Aug 2024 00:00:00 +0530 Thu, 22 Aug 2024 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757371 Miscellaneous proceedings under section 68 cannot be used to disturb additions for cash deposits already examined in the original appellate process, especially where the assessees failed to prove identity, creditworthiness and genuineness and no mistake apparent from the record was shown. A later binding jurisdictional precedent on interest under sections 234A and 234B overrides the earlier view relied on by the Tribunal, so deletion of such interest cannot survive once the later decision holds the interest chargeable on assessed income. The note therefore reflects a mixed result, with the assessees' challenge failing on unexplained cash deposits and the Revenue succeeding on interest. Case-Laws Income Tax Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757371