ITAT Mumbai Remands ₹5.9 Crore Profit Addition Case, Orders ₹25,000 Cost Payment

Vinay Dalchand Mehta Vs ITO (ITAT Mumbai) ITAT Mumbai Remands ₹5.9 Cr Addition Case – Assessee to Pay ₹25,000 Cost- Ex Parte Orders Set Aside – Matter Restored to AO Assessee, proprietor of M/s Vinayaka Metal Corporation, filed return declaring income of ₹21.11 lakh for AY 2022-23. AO, noting non-compliance to statutory notices, passed an ex parte order u/s 143(3) r.w.s. 144B on 25.03.2024. He treated deposits in bank accounts as unaccounted sales of ₹7.42 crore & applied presumptive profit rate of 8% u/s 44AD, making an addition of ₹5.94 crore. Before CIT(A), Assessee argued...