https://www.taxtmi.com/caselaws?id=761092 ITAT Visakhapatnam partially allowed the assessee's appeal. The tribunal deleted additions u/s 68 for cold storage investments, finding the source properly explained through book entries from the construction firm where assessee was managing partner. It also deleted additions for unsecured loans as sources from lenders' bank accounts were undisputed. However, the tribunal sustained additions for unexplained cash deposits in partnership firm capital and gifts received from father's HUF u/s 56(2)(x), as the assessee failed to adequately explain these transactions and HUF didn't qualify as relative under the Act. en-us Thu, 24 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 07:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761092 ITAT Visakhapatnam partially allowed the assessee's appeal. The tribunal deleted additions u/s 68 for cold storage investments, finding the source properly explained through book entries from the construction firm where assessee was managing partner. It also deleted additions for unsecured loans as sources from lenders' bank accounts were undisputed. However, the tribunal sustained additions for unexplained cash deposits in partnership firm capital and gifts received from father's HUF u/s 56(2)(x), as the assessee failed to adequately explain these transactions and HUF didn't qualify as relative under the Act. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761092