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Addition u/s 69 Restored to AO to Verify ‘Rotation of Funds: ITAT Jodhpur
Case Law Details
- Case Name
- Ummaid mal Singhvi Vs ACIT (ITAT Jodhpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Jodhpur
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Ummaid mal Singhvi Vs ACIT (ITAT Jodhpur)
ITAT Jodhpur: Addition u/s 69 Restored to AO to Verify ‘Rotation of Funds’ Explanation
The Income Tax Appellate Tribunal allowed the assessee’s appeal for AY 2008-09 for statistical purposes, restoring a limited issue to the Assessing Officer for fresh verification.
The Tribunal was seized of a recalled appeal to adjudicate Ground No. 5, relating to an addition of ₹5,66,600 sustained by the CIT(A) under section 69 as unexplained investment. The assessee contended that the source of the amount stood explained through a statement...
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