Demonetization Cash Credit Case Remanded for Reassessment

Birju Kumar Vs ITO (ITAT Kolkata) Ex-Parte 144 Order & 115BBE Addition Set Aside- Demonetisation Cash Deposit Addition Remanded—ITAT Patna Gives Assessee One Final Chance Assessee, engaged in jewellery & mobile business, filed ROI declaring ₹5,24,260. Case was selected under CASS. Due to non-compliance to statutory notices, AO completed ex-parte assessment u/s 144, treated cash deposits of ₹49,80,700 made during demonetisation as unexplained u/s 68, taxed it @ 60% u/s 115BBE & assessed income at ₹55,04,960. Before CIT(A), despite four hearing notices, Assessee failed to fur...