ITAT Pune: Entire Bank Deposits Cannot Be Taxed – Income to Be Estimated @2% on Deposits in Renukamata Society Account

ITO Vs Vimal Jaydev Arya (ITAT Pune) ITAT Pune: Entire Bank Deposits Cannot Be Taxed – Income to Be Estimated @2% on Deposits in Renukamata Society Account The assessee filed return declaring income of ₹6.82 lakh. Based on information received from search conducted in Renuka Mata Multi State Urban Co-operative Credit Society Ltd., the AO reopened the assessment after noticing credits of ₹2.47 crore in the assessee’s account with the society during FY 2014-15. Since the assessee did not respond to notices during reassessment, the AO completed assessment u/s 144 r.w.s. 147 and treate...