AO Cannot Add Income on New Grounds if Original Grounds Fail: ITAT Jaipur

Kailash Chand Vs ITO (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled in favor of Kailash Chand, allowing his appeal against an assessment order passed under Section 148 r.w.s. 144 of the Income Tax Act. The assessee, engaged in the business of truck hiring, had declared a net profit of 0.37% on gross receipts of Rs 2,91,01,799/-. The reassessment was initiated based on information that the assessee had deposited Rs 42,46,000/- in his savings bank account during FY 2011-12 and had not filed an income tax return for the relevant assessment year. Despite the assesseeR...