Case Law Details
Noorul Hasan Baig Vs DCIT/ACIT (ITAT Indore)
Introduction: In a landmark decision, the Indore ITAT recently examined a pivotal issue: Is it a fit case for remand where the assessee deserves another chance to furnish relevant documents initially not produced before the lower authorities?
Background:
– Profile of the Assessee: Noorul Hasan Baig, an individual, operates a civil contractor business under the name M/s. Shahjehan Builders and Developers. For the Assessment Year (AY) 2017-18, he declared an income of Rs. 3,05,720/-.
– Central Issue: During the scrutiny of his returns, authorities flagged a deposit of Rs. 7,85,000/- made during the demonetization phase. While the assessee did use the official “Cash Transaction 2016” utility to provide explanations for the deposit’s sources, the AO found no corroborative documentary evidence. As a result, the AO deemed the entire deposit as unexplained.
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