Cash Deposits Alone Create Reason to Suspect; Inquiry Needed for Reason to Believe

Gajender Kumar Vs ITO (ITAT Delhi)

Income Tax Appellate Tribunal (ITAT), Delhi bench, has overturned reassessment orders issued against individual taxpayer Gajender Kumar for the Assessment Years 2012-13 and 2013-14. The tribunal ruled that the tax department’s initiation of reassessment proceedings was invalid because it lacked proper “reason to believe” that income had escaped assessment.

The appeals arose from orders passed by the National Faceless Appeal Centre (NFAC), which had upheld assessments made by the Assessing Officer (A

Please become a Premium member. If you are already a Premium member, login here to access the full content.