Addition for Unexplained Investment not justified when Assessee discharges Onus of Explaining Transactions

ACIT Vs Sri Meka Srinivas (ITAT Hyderbad) This Revenue’s appeal for Asst. Year 2008-09 arises from the Commissioner of Income Tax (Appeals)-12, Hyderabad order dt.29.09.2016 passed in case No. 0132/2015-16 in proceedings under Section 143(3) r.w.s. 153A of Income Tax Act, 1961 (‘the Act’). Heard both the parties.  Case file perused. 2. Coming to the Revenue’s sole substantive grievance that the CIT(Appeals) has erred in law in reversing the Assessing Officer’s action adding the alleged unexplained investment amount of Rs.1.90 Crores, both the learned representatives invited our atte...