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Informative

Rs. 1.19 Crore Unexplained Cash Deposits Dispute: ITAT allows Cash Flow Statement as New Evidence and directs Reassessment

Update / Judgement Date

13 Jan 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

The ITAT has allowed the use of a cash flow statement as new evidence in a case involving unexplained cash deposits amounting to Rs. 1.19 crore. The tribunal ruled that the statement could be used to reassess the situation, directing the reassessment of the tax matter based on this new evidence. This ruling reinforces the flexibility of tax proceedings and the importance of providing substantial proof to substantiate claims in cases of unexplained financial transactions.