Notional Turnover ≠ Real Income: ITAT Sends F&O Estimate Back for Fresh Look

Kannappan Ragupathi Vs ITO (ITAT Chennai) Notional Turnover ≠ Real Income: ITAT Sends F&O Estimate Back for Fresh Look Assessee, a taxi driver with limited education, failed to file return for AY 2010-11. Based on AIR/CIB data relating to cash deposits & F&O transactions, AO issued notice u/s 148 & completed ex-parte assessment u/s 144 r.w.s 147, estimating speculative income at Rs.20,80,726 by applying 0.25% on a notional F&O contract value of Rs.83.22 crore, & also adding Rs.11,86,700 u/s 69A as unexplained cash. FAA confirmed additions. Before Tribunal, Assessee pr...