ITAT Directs CIT(A) to Reassess ₹51.20 Lakh Cash Credit

Ganesan Nakkeeran Vs ITO (ITAT Chennai) In Ganesan Nakkeeran Vs ITO (ITAT Chennai), the case concerned the addition of ₹51.20 lakh as unexplained cash credit under Section 68 of the Income Tax Act for AY 2010-11. The case was reopened after information surfaced about significant cash deposits in the assessee’s HDFC bank account, exceeding ₹10 lakh, and share transactions linked to the account. The assessee claimed the deposits were used for purchasing shares on behalf of his non-resident brother-in-law, Mr. Maruthuvanan Senthil Nathan, based on a power of attorney. However, investiga...