Important Insights from the case of Abdul Hamid Vs ITO

Shri Abdul Hamid Vs ITO (ITAT Gauhati)

Important facts of the case:

1) The assessee was engaged in the retail business of eggs & was also the partner of a partnership firm M/s Nihar Enterprises.

2) During the Regular Assessment Proceedings for Assessment year, 2014-15 AO found that a Bank Account @ Central Bank of India was not disclosed by him in which cash deposits exceeds the total Turnover as declared in the ROI.

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