ITAT Pune Remands Assessment & Penalty for Joint Bank Cash Deposit

Mahesh Padmnabhrao Kashikar Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) in Pune has remitted the case of Mahesh Padmnabhrao Kashikar back to the Commissioner of Income-tax (Appeals) [CIT(A)] for a fresh hearing. The appeals concern an addition of Rs. 14,89,425 to the assessee’s income for the assessment year 2011-12, as well as a related penalty. The addition was made by the Income Tax Officer (ITO) after the assessee failed to explain the source of cash deposits in a joint bank account. The assessee argued that the transactions were properly disclosed in his wife’s...