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ITAT Protects Assessee’s Right to Present Evidence in ₹6.41 Cr Cash Case
Case Law Details
- Case Name
- Ramesh R. Havele Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Ahmedabad
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Ramesh R. Havele Vs ITO (ITAT Ahmedabad)
CIT(A) Relied on Suspicion & News Reports – Enhancement Without Hearing: ITAT Pune Sends Rs.6.41 Cr Cash-Deposit Case Back
Assessee, an individual engaged in share trading & portfolio management, filed ROI declaring Rs.17,98,950. AO completed scrutiny u/s 143(3) making an addition of Rs.5,47,51,000 as unexplained cash credit based on large cash deposits, despite Assessee’s explanation that these represented (i) cash from share sales already recorded in books & reflected in P&L, & (ii) cash transfers between bank accounts.
CIT...
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