Man faces Rs 17.18 lakh tax penalty over Rs 55.62 lakh unexplained deposits; ITAT gives relief
60-Word AI Digest
A man had not filed an income tax return for assessment year 2016-17. The tax department subsequently completed a reassessment without his participation and, on February 15, 2024, assessed his total income at Rs 55.62 lakh. The amount was treated as unexplained cash deposits in a bank account that the department attributed to him.
Key Takeaways
- A man had not filed an income tax return for assessment year 2016-17.
- The tax department subsequently completed a reassessment without his participation and, on February 15, 2024, assessed his total income at Rs 55.62 lakh.
- The amount was treated as unexplained cash deposits in a bank account that the department attributed to him.
A man had not filed an income tax return for assessment year 2016-17. The tax department subsequently completed a reassessment without his participation and, on February 15, 2024, assessed his total income at Rs 55.62 lakh. The amount was treated as unexplained cash deposits in a bank account that the department attributed to him.
Original Publisher Attribution
This summary was curated from Times of India.