https://www.taxtmi.com/caselaws?id=39880 The High Court ruled against the assessee, upholding the Tribunal's decision that the explanation provided for deposits in the business was insufficient under section 68 of the Income-tax Act, 1961. Despite the acceptance of disclosure petitions, the Court found the voluntary disclosure scheme irrelevant in proving ownership of the funds. As the affidavits were rejected, the assessee failed to establish the legitimate source of the deposits, leading to a judgment in favor of the Commissioner of Income-tax, with costs awarded to the Commissioner. en-us Wed, 12 Sep 1973 00:00:00 +0530 Tue, 20 Apr 2010 18:03:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39880 The High Court ruled against the assessee, upholding the Tribunal's decision that the explanation provided for deposits in the business was insufficient under section 68 of the Income-tax Act, 1961. Despite the acceptance of disclosure petitions, the Court found the voluntary disclosure scheme irrelevant in proving ownership of the funds. As the affidavits were rejected, the assessee failed to establish the legitimate source of the deposits, leading to a judgment in favor of the Commissioner of Income-tax, with costs awarded to the Commissioner. Case-Laws Income Tax Wed, 12 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39880