Disallowance of ₹6.78 Lakh Cash Deposits as Unexplained Investment: ITAT Allows Claim Based on Agricultural Transportation and Family Income

The Income Tax Appellate Tribunal (ITAT) has allowed a claim for ₹6.78 lakh cash deposits, which were initially disallowed as unexplained investment. The appellant demonstrated that the deposits were sourced from agricultural transportation activities and family income. ITAT observed that the explanation provided was credible and substantiated with supporting documents. The ruling emphasizes the importance of presenting verifiable evidence to substantiate claims and highlights the tribunal's approach to considering the source of funds in determining their legitimacy.