ITAT Remands Case for AO’s Failure to Consider Cash Withdrawals, Rule 6DD, Agri Income

Joy Thomas Vs ITO (ITAT Cochin) The Income Tax Appellate Tribunal (ITAT), Cochin bench, has remitted the tax assessment case of an individual, Joy Thomas, back to the Assessing Officer (AO) for a fresh examination. The tribunal found that the tax authorities had failed to adequately consider key aspects of the taxpayer’s explanation regarding cash deposits in bank accounts and the disallowance of cash expenditure on interest, issues that arose during a faceless assessment proceeding. The case pertains to the assessment year 2020-21. Joy Thomas, an individual deriving income from business...