ITAT Delhi Remands Cash Deposit Tax Case to AO for Verification of Bank Account Ownership

AGM Brothers Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has sent back a case involving AGM Brothers to the Assessing Officer (AO) for re-examination of an addition of Rs.43,55,357 made under Section 68 of the Income Tax Act, 1961. The addition pertained to cash deposits made in a bank account. The tribunal’s decision came after the assessee argued that the bank account in question did not belong to the firm but to a former partner who continued the business as a proprietorship. The appellant, AGM Brothers, is a partnership firm originally established on Januar...