Appeal Cannot Be Dismissed Merely for Two PANs; ITAT Remands Case

Kiran Reddy Muddasa Vs ITO (ITAT Hyderabad) Appeal Cannot Be Dismissed Merely for Two PANs; ITAT Remands Case for Verification of Cash Deposits & Deletes Consequential Penalty Assessee, engaged in catering business, regularly filed returns since AY 2009-10 under a new PAN (BFTPM6705H) after allegedly losing the old PAN (AQOPK2022J). AO issued notice u/s 148 on the old PAN based on cash deposits of ₹85.31 lakh in an HDFC Bank account linked to that PAN. As there was no response, AO passed an ex-parte reassessment order u/s 147 r.w.s. 144 treating the deposits as unexplained money u/s 69A....