https://www.taxtmi.com/caselaws?id=472093 Bank deposits linked to a second PAN require correlation with audited books of account, income-tax returns, and business records maintained under the original PAN before they are treated as unexplained money. The existence of a second PAN does not remove the need to verify whether the deposits and related transactions were already recorded under the original PAN. Verification should also cover the circumstances in which the second PAN was issued and cancelled. Where such verification has not occurred, reassessment after examination of the records and a reasonable opportunity to furnish evidence is required. en-us Thu, 26 Sep 2024 00:00:00 +0530 Tue, 29 Sep 2026 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472093 Bank deposits linked to a second PAN require correlation with audited books of account, income-tax returns, and business records maintained under the original PAN before they are treated as unexplained money. The existence of a second PAN does not remove the need to verify whether the deposits and related transactions were already recorded under the original PAN. Verification should also cover the circumstances in which the second PAN was issued and cancelled. Where such verification has not occurred, reassessment after examination of the records and a reasonable opportunity to furnish evidence is required. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472093