Assessee was able to explain additions: ITAT remanded matter to CIT(A)

Ajay Jethanand Notwani Vs ITO (ITAT Ahmedabad) In the matter abovementioned ITAT remanded the matter to CIT (A) after observing that no proper opportunity was given to assessee and assessee was able to substantiate the addtions made by AO if opportunity may be granted. Assessee had opted for presumptive basis of taxation under Section 44AD. The AO initiated proceedings on the assessee on the ground that assesse has deposited cash of Rs. 1,65,47,220/- in his bank account but the assessee had not filed his return of income and nor offered the said amount for taxation. The AO issued several notic...