Cash Deposit Sources Insufficiently Verified before making Addition u/s 68 of Income Tax Act: ITAT Remands Matter Back to Assessing Officer for Re-Adjudication [Read Order]

Recently in a case, The Income Tax Appellate Tribunal (ITAT) of Ahmedabad remanded a matter back to the Assessing Officer for re adjudication noting that Assessing Officer did not sufficiently verify the assessee’s explanation regarding the source of the cash deposits labeled as unexplained during the assessment. The assessee/appellant, Bhavanji Jugaji Thakor, an individual taxpayer,…