Dispute Over ₹39.91 Lakh Bank of Baroda Deposit: ITAT Remands Matter to AO

Shiv Prasad Ram Vs ITO (ITAT Ranchi) The case of Shiv Prasad Ram vs. ITO (ITAT Ranchi) deals with an appeal filed by a retired Steel Authority of India Ltd. (SAIL) employee against an ex parte tax assessment for the assessment year 2015-16. Upon retirement in 2014, the assessee, Shiv Prasad Ram, received a total of ₹ 27,79,943 as retirement benefits. The Assessing Officer (AO) reopened the case after learning that no income tax return had been filed. The AO also received information about a time deposit of ₹ 39,91,000 in the assessee’s name at Bank of Baroda, Ranchi. The assessee arg...