https://www.taxtmi.com/caselaws?id=777069 Unexplained cash deposits treated as income under section 69A were not upheld in full where the assessees' explanation that the deposits were gifts from family members was not fully substantiated, yet the facts did not justify sustaining the entire addition. The Tribunal found the lower authorities' concerns on genuineness and donor creditworthiness were not completely displaced, but considered the original additions excessive on the record. It therefore restricted the additions to Rs. 1 lakh each, granting partial relief and reducing the assessed additions accordingly. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777069 Unexplained cash deposits treated as income under section 69A were not upheld in full where the assessees' explanation that the deposits were gifts from family members was not fully substantiated, yet the facts did not justify sustaining the entire addition. The Tribunal found the lower authorities' concerns on genuineness and donor creditworthiness were not completely displaced, but considered the original additions excessive on the record. It therefore restricted the additions to Rs. 1 lakh each, granting partial relief and reducing the assessed additions accordingly. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777069