https://www.taxtmi.com/caselaws?id=466156 Unexplained cash deposits were examined on the premise that the taxpayer claimed they derived from contract receipts paid in cash to the treasury. The assessing officer is directed to verify, by exercising statutory powers, whether the claimed contract receipts were in fact received in cash from the treasury; this verification will determine whether the cash deposits are explained. If verification establishes receipt of contract payments in cash from the treasury, the cash deposits must be treated as explained and no addition is warranted; otherwise the deposits remain unexplained for assessment purposes. en-us Wed, 12 Feb 2025 00:00:00 +0530 Tue, 27 Jan 2026 19:03:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466156 Unexplained cash deposits were examined on the premise that the taxpayer claimed they derived from contract receipts paid in cash to the treasury. The assessing officer is directed to verify, by exercising statutory powers, whether the claimed contract receipts were in fact received in cash from the treasury; this verification will determine whether the cash deposits are explained. If verification establishes receipt of contract payments in cash from the treasury, the cash deposits must be treated as explained and no addition is warranted; otherwise the deposits remain unexplained for assessment purposes. Case-Laws Income Tax Wed, 12 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466156