https://www.taxtmi.com/caselaws?id=759825 Cash deposits, including specified bank notes deposited during demonetisation, may be treated as unexplained income where the assessee fails to establish their nature and source with credible evidence. An unaided private educational institution could not claim entitlement to receive such notes as fees for a government college without proving government status. Its explanation that the deposits were student collections intended for remittance to the university was unsupported by corroborative material. Non-compliance with notices and failure to file a valid return within time further left the evidentiary burden undischarged. The deposits were consequently sustained as unexplained cash credits under section 68 and taxed under section 115BBE. en-us Tue, 01 Oct 2024 00:00:00 +0530 Wed, 09 Oct 2024 08:20:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759825 Cash deposits, including specified bank notes deposited during demonetisation, may be treated as unexplained income where the assessee fails to establish their nature and source with credible evidence. An unaided private educational institution could not claim entitlement to receive such notes as fees for a government college without proving government status. Its explanation that the deposits were student collections intended for remittance to the university was unsupported by corroborative material. Non-compliance with notices and failure to file a valid return within time further left the evidentiary burden undischarged. The deposits were consequently sustained as unexplained cash credits under section 68 and taxed under section 115BBE. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759825