Reopening Upheld as Seized Diaries Revealed Unaccounted Cash Transactions Above Statutory Threshold

Prakash Misrimal Sanghvi Vs DCIT (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad, considered cross-appeals filed by the assessee and the Revenue for Assessment Years 2013-14 to 2021-22 arising from a common order of the Commissioner of Income Tax (Appeals). The dispute originated from a search conducted on 23 November 2021 in the Ratnamani Group, during which handwritten diaries and other documents containing cash transactions were seized from the assessee’s premises. During the search, the assessee admitted that the diaries recorded cash transactions not reflected in th...