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. 3) Assessee confronted the same & accept that the cash Deposit made in that Bank Account was his business receipts. The Learned Representative of the assessee submitted th...