ITAT Cochin directs Reassessment for lack of opportunity to explain cash deposits

Baiju Kabeer Vs ACIT (ITAT Cochin) In the case Baiju Kabeer vs. ACIT (ITAT Cochin), the Income Tax Appellate Tribunal (ITAT) remanded the case back to the Commissioner of Income Tax (Appeals) [CIT(A)] for fresh assessment due to insufficient opportunity for the appellant to explain cash deposits. The issue arose from an income tax assessment for the year 2017-18. Baiju Kabeer had not filed his income tax return as required under Section 139 of the Income Tax Act, 1961. However, upon discovering cash deposits of ₹1,00,95,500 in his ICICI Bank account, the Assessing Officer (AO) initiated proc...