SUMIT PRAKASHRAO FULZELE,CHANDRAPUR vs. ITO WARD 2 , CHANDRAPUR

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

reassessment in case where assessee had made a deposit of cash in bank during demonetization period, which was reflected in his return of income, but no supporting evidences were available to prove source of such deposit leading to 'reason to believe that income otherwise chargeable to tax had escaped assessment; SLP filed against High Court's judgment dismissed as withdrawn