https://www.taxtmi.com/caselaws?id=762461 ITAT Raipur partially allowed the appellant's appeal regarding unexplained cash deposits under Section 69A. The tribunal upheld the principle from SC precedent that Income Tax Officer has discretion to treat unexplained investments as income based on case facts. While the assessee failed to provide satisfactory explanation for bank deposits, the tribunal considered his background as a 44-year-old commerce graduate with multiple income sources including private employment, wholesale business, and past savings. The tribunal scaled down the addition from Rs. 19.71 lacs to Rs. 17.91 lacs, allowing Rs. 2 lacs as reasonable cash holdings. en-us Thu, 28 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 08:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762461 ITAT Raipur partially allowed the appellant's appeal regarding unexplained cash deposits under Section 69A. The tribunal upheld the principle from SC precedent that Income Tax Officer has discretion to treat unexplained investments as income based on case facts. While the assessee failed to provide satisfactory explanation for bank deposits, the tribunal considered his background as a 44-year-old commerce graduate with multiple income sources including private employment, wholesale business, and past savings. The tribunal scaled down the addition from Rs. 19.71 lacs to Rs. 17.91 lacs, allowing Rs. 2 lacs as reasonable cash holdings. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762461