https://www.taxtmi.com/caselaws?id=765211 Cash deposits in the assessee's bank account were held not to be unexplained income where they were supported by an explanation that the amounts represented sale proceeds from opening stock during business closure. The assessee's trading activity in artificial goods and flowers, the existence of opening stock, and corroboration from sales tax/VAT returns supported the source of deposits. As the Revenue did not rebut these facts or produce contrary material, the deposits could not be characterised as income from undisclosed sources, and the addition was deleted. en-us Tue, 03 Dec 2024 00:00:00 +0530 Mon, 27 Jan 2025 14:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765211 Cash deposits in the assessee's bank account were held not to be unexplained income where they were supported by an explanation that the amounts represented sale proceeds from opening stock during business closure. The assessee's trading activity in artificial goods and flowers, the existence of opening stock, and corroboration from sales tax/VAT returns supported the source of deposits. As the Revenue did not rebut these facts or produce contrary material, the deposits could not be characterised as income from undisclosed sources, and the addition was deleted. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765211