ITAT Kolkata holds that cash deposits during demonetization from verified cash books cannot be taxed under Section 68 without evidence of unexplained income.
ITAT Mumbai holds that deduction under Section 57(iii) cannot be denied solely due to ex parte assessment if nexus between interest paid and earned is proven through documentary evidence.
Delhi ITAT holds that repayment of unsecured loans with interest, supported by MCA records and bank statements, discharges assessee's burden under Section 68; no addition permissible without concrete evidence of accommodation entries.
ITAT holds that unexplained gold under Section 69A must be valued at the assessee's actual cost price, not customs or market rate, setting a precedent for asset valuation in income tax assessments.