ITAT Directs Fresh Assessment on Large Cash Deposits in Egg Trading Business

ITO Vs Zaiullabddin Gousaheb Kochargi (ITAT Mumbai) Case Summary and ITAT Holding The assessee, Zaiullabddin Gousaheb Kochargi, filed a return declaring an income of . During the scrutiny assessment, the Assessing Officer (AO) noted cash deposits of in the assessee’s bank account. The assessee claimed the source of the cash deposits was the sale proceeds from his egg trading business. The AO rejected this explanation, observing a sudden and substantial increase in the assessee’s reported sales, which jumped from lakhs in the preceding year to crores in the relevant year. Crucially, th...