ITAT Remands Case as CIT(A) Passed Ex-Parte Order Without Merit Consideration

Juned Yusuf Shethwala Vs ITO (ITAT Ahmedabad) The assessee derived income from trading of cloth and dress material. The case of assessee was re-opened u/s 147 on the basis of AIR information regarding that the assessee has paid Rs.32,32,572/- against the credit card bills and share transaction of Rs.8,71,152/- during AY 2010-11. In lack of proper explanation from the assessee, AO made additions of Rs.14,17,999/- in respect of unexplained credit card payment and Rs.4,12,050/- on account of investment in shares and deduction under chapter VIA amounting to Rs.30,000/-. Appeal filed by the assesse...