ITAT Sets Aside Ex-Parte NFAC Order, Remands ₹2.25 Cr Cash-Deposit Addition for Fresh Hearing

Sanjay Champalal Jaiswal Vs ITO (ITAT Pune) Ex-Parte NFAC Order Set Aside: Best-Judgment Assessment u/s 144 Reopened for Fresh Hearing- Cash-Deposit Addition of ₹2.25 Cr Remanded Assessee, an individual, did not file return for AY 2015-16. Based on information of cash deposits of ₹2,25,64,860 in his account with Shri Renuka Mata Multi State Urban Co-op Credit Society during FY 2014-15, case was reopened. The assessee repeatedly failed to comply with notices u/s 142(1), & AO completed best-judgment assessment u/s 147 r.w.s.144, adding the entire cash deposit amount. Assessee appealed be...