Deletion of unexplained investment without verification of books of account is untenable

DCIT Vs H. Omkarappa (HUF) (ITAT Bangalore) ITAT Bangalore held that deletion of unexplained investment without verifying the reflection thereof in the books of accounts and also without verifying consolidated statement of accounts is untenable in law. Matter remanded to verify the books of accounts Facts- AO concluded the assessment by making additions towards income from unaccounted sales; excess stock found during search and unexplained capital account balance. AO also initiated penalty proceedings u/s 271(1)(c). Additions were deleted by CIT(A). Being aggrieved, revenue has preferred the p...