https://www.taxtmi.com/caselaws?id=775504 The ITAT upheld the reopening of the assessment as valid due to non-filing of the original return within the prescribed time and receipt of information regarding unexplained cash deposits exceeding Rs. 1.48 crore. However, the addition under section 69A for deposits in the joint savings account was deleted. The assessee satisfactorily demonstrated that the deposits were sale proceeds from agriculture land sold by the mother, who was the primary account holder. Since the source of funds was adequately explained and no other business income was evident, the addition was not sustainable. The appeal was partly allowed, confirming the reopening but rejecting the addition. en-us Tue, 03 Jun 2025 00:00:00 +0530 Fri, 25 Jul 2025 18:07:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775504 The ITAT upheld the reopening of the assessment as valid due to non-filing of the original return within the prescribed time and receipt of information regarding unexplained cash deposits exceeding Rs. 1.48 crore. However, the addition under section 69A for deposits in the joint savings account was deleted. The assessee satisfactorily demonstrated that the deposits were sale proceeds from agriculture land sold by the mother, who was the primary account holder. Since the source of funds was adequately explained and no other business income was evident, the addition was not sustainable. The appeal was partly allowed, confirming the reopening but rejecting the addition. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775504