Assessment Reopened on Alleged Cash Deposits That Did Not Exist

Pradeep Kumar Narsaria Vs ITO (ITAT Ranchi) Reopening Based on Wrong Bank Account Details Set Aside – Matter Remanded to AO The Ranchi Bench of the Income Tax Appellate Tribunal dealt with an appeal by Shri Pradeep Kumar Narsaria for AY 2015-16, challenging reassessment proceedings initiated on the basis of alleged large cash deposits. Key aspects of the decision are: Erroneous Basis for Reopening: The Assessing Officer (AO) reopened the assessment alleging cash deposits of ₹2.05 crore in a bank account. However, the Tribunal found that: The account number mentioned in the reasons pertain...