Unexplained Cash Deposits of Rs. 3.13 Crore: ITAT Directs AO to Consider Bank Withdrawals in Reassessment [Read Order]

The tribunal emphasized that a comprehensive review of both deposits and withdrawals is essential to accurately determine the final income
By Sneha Sukumaran Mullakkal - On October 7, 2024 1:28 pm - 2 mins read
ITAT - ITAT Ahmedabad - Income Tax Appellate Tribunal - ITAT Directs - ITAT Directs AO - Unexplained Cash Deposits - Consider Bank Withdrawals - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) directed the Assessing Officer (AO) to consider bank withdrawals while reassessing the unexplained cash deposits totaling Rs. 3.13 crore. Prakash Govindbhai Patel,the appellant-assessee,filed his original Return of Income(ROI) on March 30, 2012, declaring a total income of Rs. 3,02,200/-. This return was processed under…

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