Unexplained Cash Deposit Case Restored to AO for Fresh Assessment by ITAT

Maulik Ashokkumar Shah Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, has remitted the case of Maulik Ashokkumar Shah back to the Assessing Officer (AO) for a fresh assessment. The decision comes after the assessee’s appeal against an ex-parte order by the Commissioner of Income Tax (Appeals) [CIT(A)], which had upheld an addition of Rs. 26.50 lakh for unexplained cash deposits made during the demonetization period. The Tribunal emphasized the principles of natural justice, granting the assessee one final opportunity to present his case. The dispute pe...