AO Cannot Tax Unrelated Income Once Original ‘Reason to Believe’ Is Explained

Mo. Shariph Kureshi S/o Phajaludin Vs ITO (ITAT Jaipur) Background and AppealThe assessee, Mo. Shariph Kureshi, engaged in retail trading of tyres and tyre retreading, did not file his Income Tax Return (ITR) for AY 2013-14 as his income was below the taxable threshold. The Assessing Officer (AO), on the basis of bank cash deposits totaling ₹50,69,231, believed that income had escaped assessment and issued a notice under Section 148 of the Income Tax Act, 1961. In response, the assessee filed his return declaring income of ₹1,87,590. Subsequently, the AO completed the assessment under Sect...