₹9.32 Cr Cash Deposit Addition remanded Due to Lack of Verification by Tax Authorities

Tulshidas Chandrabhan Jejurkar Vs ITO (ITAT Pune) The appeal concerns the assessment year 2018–19, where the assessee, an individual, filed a return declaring total income of ₹5,37,110. The case was selected for limited scrutiny under the issue of “large cash deposits in bank account(s).” Notices under Sections 143(2) and 142(1) of the Income Tax Act, 1961 were issued, seeking explanation for the cash deposits. In the absence of any response from the assessee during assessment proceedings, the Assessing Officer treated cash deposits amounting to ₹9,32,75,495 as unexplained and added ...