https://www.taxtmi.com/caselaws?id=775152 The ITAT Chandigarh upheld additions under Section 68 for unexplained cash deposits of Rs. 75 lakhs. The assessee received funds from a lender who deposited cash in her bank account and transferred it the same day. The lender's account was reopened without proper KYC norms, merely with Sarpanch endorsement. Investigation revealed the lender was non-resident for over 50 years with no income source except agricultural land sale proceeds of Rs. 59.99 lakhs, but no evidence linked these proceeds to the deposits. The assessee failed to provide the lender's address or PAN despite her becoming a shareholder in FY 2013-14. The ITAT held the assessee failed to prove the lender's creditworthiness and transaction genuineness under Section 68. The reassessment was also upheld as valid, being based on tangible material from DDIT investigation showing prima facie income escapement. en-us Mon, 02 Jun 2025 00:00:00 +0530 Mon, 21 Jul 2025 08:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775152 The ITAT Chandigarh upheld additions under Section 68 for unexplained cash deposits of Rs. 75 lakhs. The assessee received funds from a lender who deposited cash in her bank account and transferred it the same day. The lender's account was reopened without proper KYC norms, merely with Sarpanch endorsement. Investigation revealed the lender was non-resident for over 50 years with no income source except agricultural land sale proceeds of Rs. 59.99 lakhs, but no evidence linked these proceeds to the deposits. The assessee failed to provide the lender's address or PAN despite her becoming a shareholder in FY 2013-14. The ITAT held the assessee failed to prove the lender's creditworthiness and transaction genuineness under Section 68. The reassessment was also upheld as valid, being based on tangible material from DDIT investigation showing prima facie income escapement. Case-Laws Income Tax Mon, 02 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775152