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HomeDirect TaxIncome Tax Reopening Over Rs. 1.59 Crore Cash Deposits Dropped After PAN...

Income Tax Reopening Over Rs. 1.59 Crore Cash Deposits Dropped After PAN Found Wrongly Linked; No Addition Made

Direct Tax

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By Mariya Paliwala
Income Tax Department

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The Income Tax Department has dropped reassessment proceedings initiated against an individual assessee for Assessment Year (AY) 2018-19 after accepting his explanation that his Permanent Account Number (PAN) had been wrongly linked to a bank account reflecting high-value cash transactions.  The assessment was completed under Section 147 read with Section 144B of the Income-tax Act,…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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