₹2.44 Crore Cash Deposit addition: ITAT orders Fresh Adjudication

Gold Palace Jewellers Vs ACIT (ITAT Bangalore) ₹2.44 crore cash deposit addition confirmed by CIT(A)without proper opportunity: ITAT Orders Fresh Adjudication In the case of Gold Palace Jewellers Vs ACIT, the Income Tax Appellate Tribunal (ITAT) Bangalore addressed an appeal filed by the assessee, a partnership firm engaged in gold and diamond jewelry trading. The case revolved around unexplained cash deposits of ₹2.44 crore during the demonetization period, which the Assessing Officer (AO) had taxed under Section 69A of the Income Tax Act. Dissatisfied with the AO’s assessment, the ...