ITAT Ranchi Sends Back Cash Deposit Case; AO to Verify Business Turnover

Prem Lata Sharma Vs ITO (ITAT Ranchi) In the case of Prem Lata Sharma Vs ITO, the Income Tax Appellate Tribunal (ITAT), Ranchi, partially allowed an appeal and referred the case back to the Assessing Officer (AO). The core issue revolved around the unexplained cash deposits of ₹26,60,000 made by the assessee, Prem Lata Sharma, during the demonetization period of the financial year 2017-18. The assessee argued that the cash came from her business of buying and selling building materials and represented her sales proceeds. She claimed to be filing income tax returns under Section 44AD of the I...