Reassessment Order Set Aside for Fresh Probe into Employee Cash Transactions

E2e Supply Chain Solutions Ltd Vs DCIT (Madras High Court) Conclusion: Reassessment order was set aside and remitted back to Respondent due to insufficient details in the assessment order on employee’s cash transactions. Held: AO contended that on verification of the bank statements, it was observed that credits in the bank account of one of employee were by cash to the tune of Rs.30,32,416/- made by assessee company in account No.067501501730 in M/s ICICI Bank, Vadodara Branch used to transfer money as well as deposited cash for disbursement of the same to lorry drivers and also for other...