https://www.taxtmi.com/caselaws?id=767074 An unexplained cash deposit addition was deleted where the assessee explained the deposits as arising from monetary gifts received from his father, made partly by cheque and partly in cash over time. The ITAT held that, in the absence of adverse evidence showing the gift arrangement to be false or improbable, the Revenue could not reject the explanation merely because the father did not make a lump-sum gift or because part of the gift was given in cash. A plausible explanation supported by surrounding circumstances could not be discarded on conjecture, and the impugned addition was quashed. en-us Fri, 07 Mar 2025 00:00:00 +0530 Mon, 10 Mar 2025 08:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767074 An unexplained cash deposit addition was deleted where the assessee explained the deposits as arising from monetary gifts received from his father, made partly by cheque and partly in cash over time. The ITAT held that, in the absence of adverse evidence showing the gift arrangement to be false or improbable, the Revenue could not reject the explanation merely because the father did not make a lump-sum gift or because part of the gift was given in cash. A plausible explanation supported by surrounding circumstances could not be discarded on conjecture, and the impugned addition was quashed. Case-Laws Income Tax Fri, 07 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767074