Unexplained Cash Deposits: Mumbai ITAT Upholds Addition for Assessee with Multiple PANs

Kalimuddin Mohamad Rafique Vs DCIT (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai Bench has dismissed an appeal filed by Kalimuddin Mohamad Rafique, upholding the addition of Rs. 12,02,500/- as unexplained cash credit under Section 68 read with Section 115BBE of the Income-tax Act, 1961. The tribunal’s decision, pronounced on May 28, 2025, primarily stemmed from the assessee’s failure to satisfactorily explain the source of cash deposits in his bank account and his possession of multiple Permanent Account Numbers (PANs). The case originated from an assessment order dated...