Unexplained Cash Deposits: Taxpayer Fails to Substantiate Source, Tribunal Upholds Tax Demand Under Section 147
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....ITAT upheld the Assessment Officer's (AO) order regarding unexplained cash deposits in the assessee's bank account. The tribunal found no credible evidence supporting the assessee's claim that the deposits represented sale proceeds from her father's property. The assessee failed to provide documentary proof or explain the source of 18 cash deposits made between 04/05/2010 and 08/13/2010. The reopening of assessment under Section 147 was deemed valid, as the AO had proper reason to believe income had escaped assessment. The tribunal emphasized that at the reassessment stage, the existence of material is crucial, not its adequacy. Consequently, the assessee's appeal was dismissed, confirming the original tax demand.....