https://www.taxtmi.com/caselaws?id=778071 Unexplained mutual fund investments and cash deposits for the first assessment year were deleted because the revenue basis was not sustained on the facts, and the assessee's explanation was accepted. For the second assessment year, reassessment was upheld since search material and connected criminal proceedings supported the belief that income had escaped assessment, and the assessee failed to produce a cash flow statement or other credible evidence to explain seized cash, short-term capital gains, mutual fund redemption amounts, and bank deposits. The additions for that year were therefore sustained, while the appeal succeeded only in part. en-us Wed, 15 Jan 2025 00:00:00 +0530 Wed, 10 Sep 2025 08:39:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778071 Unexplained mutual fund investments and cash deposits for the first assessment year were deleted because the revenue basis was not sustained on the facts, and the assessee's explanation was accepted. For the second assessment year, reassessment was upheld since search material and connected criminal proceedings supported the belief that income had escaped assessment, and the assessee failed to produce a cash flow statement or other credible evidence to explain seized cash, short-term capital gains, mutual fund redemption amounts, and bank deposits. The additions for that year were therefore sustained, while the appeal succeeded only in part. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778071