https://www.taxtmi.com/caselaws?id=760672 ITAT Raipur rejected assessee's claim of introducing Rs. 21.70 lacs as capital from personal funds in proprietary concern during demonetization period. Tribunal found claim improbable given assessee's pattern of heavy cash withdrawals from business accounts for expenses, indicating insufficient personal cash holdings. Without supporting evidence, capital introduction claim was deemed beyond human probabilities. Cash deposit of Rs. 33 lacs was explained only to extent of Rs. 11,44,870.58, with balance treated as unexplained cash credit under Section 68. Appeal partly allowed. en-us Tue, 01 Oct 2024 00:00:00 +0530 Fri, 25 Oct 2024 08:10:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760672 ITAT Raipur rejected assessee's claim of introducing Rs. 21.70 lacs as capital from personal funds in proprietary concern during demonetization period. Tribunal found claim improbable given assessee's pattern of heavy cash withdrawals from business accounts for expenses, indicating insufficient personal cash holdings. Without supporting evidence, capital introduction claim was deemed beyond human probabilities. Cash deposit of Rs. 33 lacs was explained only to extent of Rs. 11,44,870.58, with balance treated as unexplained cash credit under Section 68. Appeal partly allowed. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760672