₹15.55 Cr Unexplained Cash Addition: ITAT Remands Case Due to CIT(A) Ignoring Evidence

Muthukuru Venkata Subba Rao Vs ITO (ITAT Hyderabad)

CIT(A) Ignored Evidence – ITAT Remands ₹15.55 Cr Addition on Joint Bank Account for Fresh Verification, Cites Violation of Natural Justice; Director’s Liability on Company Funds: ITAT Remands Case to Verify Ownership of Bank Deposits 

Assessee, an individual &  Director in M/s Evergreen Entertainers Pvt. Ltd., did not file return of income as his salary income was only ₹52,000. The AO reopened the case u/s 147 after noticing huge credits of ₹9.61 crore in a joint bank account with Andhra

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