https://www.taxtmi.com/caselaws?id=414627 The case involved issues of addition of unexplained cash credit and low gross profit by the Assessing Officer (AO). The AO added amounts citing suspicious cash deposits and discrepancies in project costs. The Commissioner of Income Tax (Appeals) upheld the additions, but the Income Tax Appellate Tribunal (ITAT) remitted the case back to the AO for a fresh order, emphasizing the need for proper opportunity for the assessee to address the discrepancies. The judgment underscores the importance of providing detailed explanations and a fair opportunity for the assessee in the assessment process to avoid such additions. en-us Thu, 21 Oct 2021 00:00:00 +0530 Fri, 12 Nov 2021 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414627 The case involved issues of addition of unexplained cash credit and low gross profit by the Assessing Officer (AO). The AO added amounts citing suspicious cash deposits and discrepancies in project costs. The Commissioner of Income Tax (Appeals) upheld the additions, but the Income Tax Appellate Tribunal (ITAT) remitted the case back to the AO for a fresh order, emphasizing the need for proper opportunity for the assessee to address the discrepancies. The judgment underscores the importance of providing detailed explanations and a fair opportunity for the assessee in the assessment process to avoid such additions. Case-Laws Income Tax Thu, 21 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414627