Hasty Cash-Deposit Additions Set Aside: ITAT Restores Matter to AO for Fresh Hearing

Gourav Chand Mittal Vs ITO (ITAT Delhi) Delhi ITAT  set aside the order of CIT(A), NFAC sustaining addition of ₹50.45 lakh towards cash deposits and restored the entire matter to the file of the AO. The Tribunal noted that though the AO had issued notices u/s 142(1), the assessment was completed in undue haste within a short span of about two months, without granting reasonable and effective opportunity to the Assessee to explain cash deposits, capital introduction and personal cash utilisation, including demonetisation-period deposits. The Tribunal also accepted the grievance that CIT(A) d...