ITAT upheld addition of unexplained Rs. 12.81 crore deposited in Bank

Arun Duggal Vs DCIT (ITAT Delhi) Brief facts of the case are that information has been received from investigation division of the Income Tax department with regard to the two bank accounts maintained by the assessee which have not been disclosed to the Income Tax Department. Based on the information received, the Assessing Officer having satisfied himself has initiated reopening proceedings u/s 148 of the Income Tax Act, 1961 and issued notice as per the provisions of the Act after taking due approval from the competent authorities u/s 151. In response to the notices issued, the assessee avai...