https://www.taxtmi.com/caselaws?id=469078 Unexplained cash deposits and bank credits linked to an assessee were treated as income under section 69A because the assessee failed to prove that the accounts were forged, misused, or funded from a credible source. The sustained quantum addition supported concealment penalty under section 271(1)(c), as no reasonable cause or reliable explanation was produced to rebut concealment. Penalty under section 271AAC(1) was also upheld because the section 69A income was not disclosed in a return under section 139 and no tax payment or acceptable explanation was shown under the statutory scheme. The additions and consequential penalties were therefore sustained. en-us Tue, 19 Aug 2025 00:00:00 +0530 Mon, 01 Jun 2026 18:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469078 Unexplained cash deposits and bank credits linked to an assessee were treated as income under section 69A because the assessee failed to prove that the accounts were forged, misused, or funded from a credible source. The sustained quantum addition supported concealment penalty under section 271(1)(c), as no reasonable cause or reliable explanation was produced to rebut concealment. Penalty under section 271AAC(1) was also upheld because the section 69A income was not disclosed in a return under section 139 and no tax payment or acceptable explanation was shown under the statutory scheme. The additions and consequential penalties were therefore sustained. Case-Laws Income Tax Tue, 19 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469078