https://www.taxtmi.com/caselaws?id=766537 The Appellate Tribunal partially allowed the appeal, reducing the addition under Section 69A from Rs. 11,00,000 to 50%, with the remaining treated as business income. The Tribunal disagreed with the CIT(A) and Assessing Officer, acknowledging the assessee's detailed financial records and regular tax filings. It emphasized that proper documentation shifts the burden of proof back to tax authorities. The Tribunal's decision underscores the necessity of maintaining comprehensive financial records to justify cash deposits and challenges unjustified additions under Section 69A. en-us Tue, 25 Feb 2025 00:00:00 +0530 Thu, 27 Feb 2025 08:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766537 The Appellate Tribunal partially allowed the appeal, reducing the addition under Section 69A from Rs. 11,00,000 to 50%, with the remaining treated as business income. The Tribunal disagreed with the CIT(A) and Assessing Officer, acknowledging the assessee's detailed financial records and regular tax filings. It emphasized that proper documentation shifts the burden of proof back to tax authorities. The Tribunal's decision underscores the necessity of maintaining comprehensive financial records to justify cash deposits and challenges unjustified additions under Section 69A. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766537