Reassessment Based on Third-Party Laptop Data Remanded for Fresh Hearing

Rajnibhai Bhogilal Desai Vs ITO (ITAT Ahmedabad) Reassessment Based on Third-Party Laptop Data Remanded for Fresh Hearing: ITAT Ahmedabad The case was reopened u/s 147 based on seized data from a search in the case of Rameshbhai B. Shah group, where a Lenovo laptop contained Tally data of 65 entities, including the Assessee. AO, relying on this, issued notice u/s 148 & assessed total income at Rs.1.12 crore, including additions of Rs.59.32 lakh as undisclosed capital & Rs.52.16 lakh as unexplained cash expenditure . Initially, CIT(A) annulled reassessment, which was upheld by Tribunal ...