If you hold, carry, deposit, invest, borrow or receive cash but can’t conclusively explain by evidence the nature, source and genuineness thereof then be prepared to shell out at least 2/3rd of it in the shape of tax n penalties.
In [2025] 170 taxmann.com 343 (Hyderabad – Trib.) the Tribunal did not provide any relief to the taxpayer for having failed to explain by any conclusive evidence the nature and source of cash deposits in bank after the inquiries carried out by AO did not yield any favourable responses.