ITAT Restores 69A Cash Deposit Addition for Fresh Hearing, Imposes Token Cost

K.N. Dileep Vs ITO (ITAT Bangalore) No Escape from Compliance: ITAT Restores 69A Cash Deposit Addition for Fresh Hearing, Imposes Token Cost Bangalore Tribunal in dealt with addition of unexplained cash deposits & condonation of delay. Assessee, engaged in trading of garnets & agricultural activities, had not filed his return of income for the year. Despite issue of notice u/s 142(1), there was no compliance. AO, therefore, proceeded u/s 144 & completed the best judgment assessment by determining total income at ₹1,00,62,955 comprising of unexplained money of ₹95,91,810 taxed u...