https://www.taxtmi.com/caselaws?id=792260 Cash deposits in a bank account standing in the name of a trust's unit were not assessable as unexplained income in the individual assessee's hands under section 68, because the account was held and operated for the trust, and the assessee showed he was only an authorised signatory. Affidavit evidence, the trust's statement of affairs, bank records, and the trust's assessment order supported the explanation that the funds belonged to the trust. As no material established that the deposits were the assessee's undisclosed income or that he had beneficial ownership, and the same deposits had already been taxed in the trust's hands, the addition was deleted on the principle of taxing the right person in the right hands. en-us Thu, 30 Apr 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792260 Cash deposits in a bank account standing in the name of a trust's unit were not assessable as unexplained income in the individual assessee's hands under section 68, because the account was held and operated for the trust, and the assessee showed he was only an authorised signatory. Affidavit evidence, the trust's statement of affairs, bank records, and the trust's assessment order supported the explanation that the funds belonged to the trust. As no material established that the deposits were the assessee's undisclosed income or that he had beneficial ownership, and the same deposits had already been taxed in the trust's hands, the addition was deleted on the principle of taxing the right person in the right hands. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792260