Case Law Details
Roop Narayan Pandey Vs ITO (ITAT Allahabad)
ITAT Allahabad held that facts brought to the notice of this Tribunal are relevant and very crucial for deciding the issue under consideration. Since, the facts were not produced before earlier authorities, impugned order is recalled.
Facts-
The assessee is seeking recalling of order of this Tribunal whereby the appeal of the assessee was dismissed in exparte hearing.
The assessee has raised the objection against service of the notice issued u/s. 148 of I.T. Act following the non-response of assessee. AO reopened the assessment based on transactions statement and CIB information regarding the transactions carried out by assessee in ‘Multi Commodity Exchange’ (MCX) as well as cash deposits of Rs.42,29,985/- in the bank accounts of the assessee and estimated the net income at 8%. Later on the CIT (A)restricted it by applying at 1%. Thus assessee filed appeal before the Income Tax Appellate Tribunal.
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