Failure to Serve Notices at Correct Address: ITAT orders Reassessment of Unexplained Deposits and Income

The ITAT has ordered the reassessment of unexplained deposits and income due to the failure to serve notices at the correct address. This ruling emphasizes the importance of proper service of notices in tax proceedings. The tribunal found that the taxpayer was not given a fair opportunity to respond to the allegations. This decision reinforces the principle of natural justice, ensuring that taxpayers are properly informed of proceedings against them. The ITAT's order underscores the need for tax authorities to maintain accurate records.