PAN Linking Error by bank Leads to Addition: ITAT Directs reconsideration

Ambasa Babansa Raibagi Vs ITO (ITAT Bangalore)

In the case of Ambasa Babansa Raibagi Vs ITO (ITAT Bangalore), the assessee challenged an order from the CIT(A) confirming an addition of Rs. 25,66,195 under section 69A of the Income Tax Act. The addition was made due to cash deposits in the assessee’s bank account during the demonetisation period, but the assessee did not file the return of income on time. Despite being issued notices under section 142(1) and 144, the assessee failed to substantiate the source of the deposits or provide the required documents. As a result,

Please become a Premium member. If you are already a Premium member, login here to access the full content.