Bangalore ITAT Quashes ₹2.61 Crore Addition; No Addition Possible Without Even Identifying the Bank Account

Imran Pasha Vs ITO (ITAT Bangalore) Bangalore ITAT Quashes ₹2.61 Crore Addition; No Addition Possible Without Even Identifying the Bank Account The Bangalore ITAT deleted an addition of ₹2.61 crore made under Sections 147/144, holding that the Revenue cannot sustain an addition for alleged cash deposits when it is unable to even establish which bank account contained the deposits or furnish the underlying information on which the reassessment was initiated. The Tribunal observed that the entire addition rested on vague information unsupported by any tangible material. The assessee, a small...