https://www.taxtmi.com/caselaws?id=774805 The ITAT Chandigarh quashed the reassessment proceedings initiated by the AO for alleged unexplained cash deposits exceeding Rs. 1 lakh. The AO incorrectly recorded reasons based on wrong facts from the insight portal without proper verification against the assessee's records. The assessee, a scooter dealer with Rs. 16.31 crore turnover, adequately explained Rs. 10.14 crore bank deposits as legitimate sale proceeds, supported by complete bank statements and sales records. The ITAT found no live nexus between the AO's allegations and actual facts, ruling the reopening unjustifiable and dismissing the Revenue's appeal. en-us Mon, 02 Jun 2025 00:00:00 +0530 Mon, 14 Jul 2025 11:25:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774805 The ITAT Chandigarh quashed the reassessment proceedings initiated by the AO for alleged unexplained cash deposits exceeding Rs. 1 lakh. The AO incorrectly recorded reasons based on wrong facts from the insight portal without proper verification against the assessee's records. The assessee, a scooter dealer with Rs. 16.31 crore turnover, adequately explained Rs. 10.14 crore bank deposits as legitimate sale proceeds, supported by complete bank statements and sales records. The ITAT found no live nexus between the AO's allegations and actual facts, ruling the reopening unjustifiable and dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774805