ITAT Ahmedabad Upholds Reopening on Surrendered PAN

Rushabhdev Swetambar Murtipujak Jain Sangh Vs ITO (Exemption) (ITAT Ahmedabad) Summary: In Rushabhdev Swetambar Murtipujak Jain Sangh vs ITO (Exemption), ITAT Ahmedabad addressed reassessment proceedings under section 147 of the Income-tax Act, 1961, arising from cash deposits totaling Rs. 75,41,227/- recorded under an old PAN (AAATR2081G) that had allegedly been surrendered. The Assessing Officer issued a notice under section 148, completed ex parte assessment under section 144, and added the deposits as unexplained under section 69A. The assessee contended that reassessment was invalid becau...