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₹15.55 Cr Unexplained Cash Addition: ITAT Remands Case Due to CIT(A) Ignoring Evidence
Case Law Details
- Case Name
- Muthukuru Venkata Subba Rao Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Hyderabad
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Muthukuru Venkata Subba Rao Vs ITO (ITAT Hyderabad)
CIT(A) Ignored Evidence – ITAT Remands ₹15.55 Cr Addition on Joint Bank Account for Fresh Verification, Cites Violation of Natural Justice; Director’s Liability on Company Funds: ITAT Remands Case to Verify Ownership of Bank Deposits
Assessee, an individual & Director in M/s Evergreen Entertainers Pvt. Ltd., did not file return of income as his salary income was only ₹52,000. The AO reopened the case u/s 147 after noticing huge credits of ₹9.61 crore in a joint bank account with Andhra Bank, where the jo...
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