Statement of Reportable Account Data Not Conclusive: ITAT Chennai Bars Income Addition Without Verification

Aravindan Rengasamy Vs ACIT (ITAT Chennai) The appeal before the Income Tax Appellate Tribunal, Chennai, arose from a reassessment order passed under Sections 147 read with Sections 144 and 260 of the Income Tax Act for Assessment Year 2019–20. The assessee, an individual and a Non-Resident Indian employed in the UAE, had not filed a return of income for the relevant year. Based on Risk Management Strategy (RMS) information received by the Assessing Officer (AO), notices under Sections 148A(b) and 148 were issued, followed by a draft assessment treating multiple financial transactions as une...