Assessment Void Ab Initio: ITAT Deletes Addition on Non-Existent Entity

Bombay Tyres Vs ITO (ITAT Mumbai)

Duplicate PAN & Wrong Assessment Nullified – ITAT Mumbai Deletes ₹3.18 Cr Cash Addition on Non-Existent Entity

Assessee’s case arose from an ex parte assessment u/s 144 r.w.s. 144A, wherein AO treated cash deposits of ₹3.18 crore in Federal Bank, Vashi, as unexplained money u/s 69A, besides estimating business income at 8% of total credits.

Assessee contended that these deposits pertained to the proprietary concern “Bombay Tyres” of Shri Rohit Rajgopal Soman (PAN: AYSPS1288G) & not to the PAN AAGCB1604E, which was

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