ITAT Delhi Gives Fresh Chance to Prove Loan Withdrawals as source of Cash Deposits

Sunder Jindal Vs NFAC (ITAT Delhi) Loan Withdrawals Cited as Source – Assessee Gets Fresh Chance to Prove Source of Deposits- ITAT Sends Cash Deposit Dispute Back for Verification Delhi SMC Bench  set aside the ex-parte assessment u/s 144, giving the Assessee another chance to explain cash deposits of ₹13.74 lakh made in his bank account. The case was reopened u/s 147 on information that the Assessee had deposited ₹13.74 lakh in cash during FY 2011-12. Despite repeated notices, there was no compliance, & AO completed best judgment assessment, treating the deposits as unexplained u/s...