ITAT Protects Assessee’s Right to Present Evidence in ₹6.41 Cr Cash Case

Ramesh R. Havele Vs ITO (ITAT Ahmedabad) CIT(A) Relied on Suspicion & News Reports – Enhancement Without Hearing: ITAT Pune Sends Rs.6.41 Cr Cash-Deposit Case Back Assessee, an individual engaged in share trading & portfolio management, filed ROI declaring Rs.17,98,950. AO completed scrutiny u/s 143(3) making an addition of Rs.5,47,51,000 as unexplained cash credit based on large cash deposits, despite Assessee’s explanation that these represented (i) cash from share sales already recorded in books & reflected in P&L, & (ii) cash transfers between bank accounts. CIT...