ITAT remands Rs. 1.12 crore deposit case for verification

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving Rs. 1.12 crore in undeclared deposits for further verification. The appellant, Vipulbhai Keharbhai Kukadiya, who operates as a Banking Mitra or business correspondent, had declared only Rs. 3,75,260 in his tax return.

Following the discovery of the additional deposits, the Assessing Officer reopened the assessment. Because the appellant failed to respond to multiple notices or explain the source of the funds, an ex parte order was issued under Sections 144 and 144B of the Income Tax Act, 1961.

The ITAT has directed that the claim—that the funds belonged to bank customers rather than the assessee—must be substantiated through commission statements, transaction details, appointment letters, and other relevant records.