https://www.taxtmi.com/caselaws?id=769301 ITAT Delhi dismissed the appeal where the assessee collected deposits from small investors through a tree plantation scheme called "Kuber Dhanvarsha." The tribunal found that deposits ranging from Rs. 1,250 to Rs. 10,000 were collected with cryptic addresses making depositors difficult to trace. Based on Additional Sessions Judge's finding that the assessee had no intention to return funds and the fraudulent nature of the scheme, ITAT treated the entire collection as taxable income under section 28 rather than unexplained cash credits under section 68, sustaining the tax authorities' additions. en-us Wed, 09 Apr 2025 00:00:00 +0530 Wed, 23 Apr 2025 09:09:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769301 ITAT Delhi dismissed the appeal where the assessee collected deposits from small investors through a tree plantation scheme called "Kuber Dhanvarsha." The tribunal found that deposits ranging from Rs. 1,250 to Rs. 10,000 were collected with cryptic addresses making depositors difficult to trace. Based on Additional Sessions Judge's finding that the assessee had no intention to return funds and the fraudulent nature of the scheme, ITAT treated the entire collection as taxable income under section 28 rather than unexplained cash credits under section 68, sustaining the tax authorities' additions. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769301