https://www.taxtmi.com/caselaws?id=768293 ITAT Chandigarh allowed the appeal, quashing assessment proceedings initiated by ITO Nabha under section 148. The court held that ITO Nabha lacked jurisdiction as the assessee's income exceeded Rs. 50 lacs, requiring ACIT/DCIT Mandi Gobindgarh to issue the notice. Additionally, cash deposits of Rs. 12,39,90,680 were adequately explained through documented sales of harvester combines with proper invoices and ledger accounts. Since books of accounts were not rejected by authorities, the addition of unexplained cash credit was unjustified per binding precedent. en-us Tue, 01 Apr 2025 00:00:00 +0530 Fri, 04 Apr 2025 07:15:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768293 ITAT Chandigarh allowed the appeal, quashing assessment proceedings initiated by ITO Nabha under section 148. The court held that ITO Nabha lacked jurisdiction as the assessee's income exceeded Rs. 50 lacs, requiring ACIT/DCIT Mandi Gobindgarh to issue the notice. Additionally, cash deposits of Rs. 12,39,90,680 were adequately explained through documented sales of harvester combines with proper invoices and ledger accounts. Since books of accounts were not rejected by authorities, the addition of unexplained cash credit was unjustified per binding precedent. Case-Laws Income Tax Tue, 01 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768293