Unexplained Cash Deposit of ₹12.02 Lakh in Second PAN Account: ITAT Upholds Addition for Lack of Corroborative Evidence

The Income Tax Appellate Tribunal (ITAT) upheld the addition of unexplained cash deposits of Lakh in a second PAN account, citing a lack of corroborative evidence. The assessee failed to provide satisfactory explanations or supporting documents for the source of these significant cash deposits. The ITAT emphasized that mere assertions without tangible proof are insufficient to discharge the burden of proof. This ruling underscores the importance of maintaining proper records and transparent financial transactions, especially when dealing with multiple accounts. Tax authorities are vigilant about unexplained cash movements, and taxpayers must be able to substantiate the legitimacy of all deposits to avoid adverse tax implications and penalties.