ITAT Jaipur Directs Fresh Examination of Cash Deposits; Upholds Reassessment Initiation

Akshat Loyalka Vs ITO (ITAT Jaipur) ITAT Jaipur Directs Fresh Examination of Cash Deposits in Akshat Loyalka Case; Upholds Reassessment Initiation Jaipur: The Income Tax Appellate Tribunal (ITAT), Jaipur Bench, in a ruling pronounced on May 27, 2025, addressed an appeal by assessee Akshat Loyalka against the Income Tax Officer (ITO) concerning the reopening of assessment proceedings and a subsequent addition of Rs. 12,30,000 under section 69A of the Income Tax Act, 1961, for unexplained cash deposits. While the tribunal dismissed the challenge to the initiation of reassessment proceedings, it ...