https://www.taxtmi.com/caselaws?id=787220 ITAT considered three issues: (i) advance rent documented by tenancy agreement and bank statements was held not to be an unexplained cash credit but taxable as income from house property in the year of receipt, with direction to adjust in the subsequent year to avoid double taxation; (ii) increases in peak balances in foreign bank accounts standing in corporate names could not be treated as the assessee's unexplained credits absent evidence that the companies were sham or alter egos, so additions under the unexplained credit rule with special tax treatment were deleted; (iii) notional rent on a villa owned by a corporate entity could not be assessed to the assessee where no legal or deemed ownership was shown, and that addition was deleted. en-us Fri, 20 Feb 2026 00:00:00 +0530 Sat, 28 Feb 2026 08:41:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787220 ITAT considered three issues: (i) advance rent documented by tenancy agreement and bank statements was held not to be an unexplained cash credit but taxable as income from house property in the year of receipt, with direction to adjust in the subsequent year to avoid double taxation; (ii) increases in peak balances in foreign bank accounts standing in corporate names could not be treated as the assessee's unexplained credits absent evidence that the companies were sham or alter egos, so additions under the unexplained credit rule with special tax treatment were deleted; (iii) notional rent on a villa owned by a corporate entity could not be assessed to the assessee where no legal or deemed ownership was shown, and that addition was deleted. Case-Laws Income Tax Fri, 20 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787220