Matter remanded as ITAT misdirected itself and made addition on presumptive income

Dinesh Dahiya Vs PCIT (Delhi High Court)

Delhi High Court held that ITAT misdirected itself on facts as addition was made on presumptive income without considering the loss in trading in equity and commodities and hence matter remanded to ITAT.

Facts-

The appellant/assessee had not filed his Return of Income (ROI). Consequently, the appellant/assessee was served with a communication dated 12.07.2012 bringing to his notice that no ROI had been filed. The appellant/assessee responded to the said communication via letter declaring that he had earned no taxable income for the AY in issue.

Thereafter, the appellant/assessee received another communication which sought information with regard to the cash deposit of Rs. 10,51,885/- made in the bank account maintained by the appellant/assessee.

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