Cash deposit in assessee’s account was declared in ITR of parent trust: ITAT Remands Matter to AO

Bhiwandi Nizampur Nagarpalika College Vs Assessing Officer (ITAT Mumbai)

In the matter abovementioned ITAT has remanded the matter to AO after observing that revenue has accepted the assessee’s contention in earlier and subsequent years.

Assessee is an AOP and has not filed its return of income for the year under consideration. The case was reopened for the reason for the reason that the assessee has huge cash deposits amounting to Rs. 1,63,75,639/- current accounts. When assessee did not comply with notice issued then AO passed assessment order u/s. 147 r.w.s 144/144B

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