ITAT quashes Reassessment Order on Cash Deposits due to AO’s Vague Reasoning and Non-Application of Mind [Read Order]

Considering that the AO’s reasons for reopening the assessment were vague and non-application of mind, ITAT quashes the order
By Kavi Priya - On September 25, 2024 3:54 pm - 2 mins read
ITAT - ITAT Delhi - Income Tax Appellate Authority - ITAT Quashes - Reassessment Order - Non-Application of Mind - assessing officer's vague reasoning - Cash Deposits - Reassessment Order on Cash Deposits - TAXSCAN

The Delhi Bench of Income Tax Appellate Authority ( ITAT ) quashed the reassessment order on cash deposits due to the assessing officer’s vague reasoning and non-application of mind for reopening the matter. Raghubir Singh Punia, the assessee had deposited a sum of Rs. 29,49,000 in his bank account during the financial year 2011-12. The…

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