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HomeDirect TaxNo Addition Due to PAN Linkage—Cash Deposits in Trust’s Bank Account Can’t...

No Addition Due to PAN Linkage—Cash Deposits in Trust’s Bank Account Can’t Be Taxed in Individual’s Hands Without Proof of Ownership: ITAT

Direct Tax

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By Mariya Paliwala
No Addition Due to PAN Linkage—Cash Deposits in Trust’s Bank Account Can’t Be Taxed in Individual’s Hands Without Proof of Ownership: ITAT

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The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that mere linkage of a Permanent Account Number (PAN) with a bank account and acting as an authorized signatory cannot justify addition under Section 68 of the Income-tax Act in the absence of evidence establishing ownership of funds.  The bench of Raj Kumar…

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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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