Man faces Rs 17.18 lakh tax penalty over Rs 55.62 lakh unexplained deposits; ITAT gives relief

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.