https://www.taxtmi.com/caselaws?id=449544 The ITAT SURAT held that the AO was not justified in treating bank transactions as unexplained cash credit without proper verification. The assessee contended that a partnership firm was dissolved and business continued as sole proprietorship, but the bank inadvertently retained the old firm's PAN during data migration. The bank certified this error, and the proprietary concern's books properly disclosed the account with all transactions reflected in income returns. The CIT(A) erred by not verifying these facts. The addition was deleted as the assessee successfully explained the nature and source of deposits. en-us Mon, 05 Feb 2024 00:00:00 +0530 Wed, 14 Feb 2024 07:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449544 The ITAT SURAT held that the AO was not justified in treating bank transactions as unexplained cash credit without proper verification. The assessee contended that a partnership firm was dissolved and business continued as sole proprietorship, but the bank inadvertently retained the old firm's PAN during data migration. The bank certified this error, and the proprietary concern's books properly disclosed the account with all transactions reflected in income returns. The CIT(A) erred by not verifying these facts. The addition was deleted as the assessee successfully explained the nature and source of deposits. Case-Laws Income Tax Mon, 05 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449544