ITAT Lucknow Quashes ₹57.03L Addition, Orders Reassessment

Girja Shankar Vs ITO (ITAT Lucknow) In the case of Girja Shankar Vs ITO before the ITAT Lucknow, the assessee appealed against the addition of ₹57.03 lakh to his income and a related penalty of ₹22.37 lakh. The Assessing Officer (AO) had determined these amounts based on cash deposits of ₹36.50 lakh and ₹20 lakh in the assessee’s bank account. This assessment was carried out ex-parte as the assessee failed to respond during the initial proceedings. The Commissioner of Income Tax (Appeals) [CIT(A)] upheld the AO’s decision, dismissing the assessee’s appeals for insufficient ev...