ITAT Kolkata Remands Case on Unexplained Income for Fresh Adjudication

Subhash Sharma Vs ACIT (ITAT Kolkata) In the case of Subhash Sharma vs. ACIT, the ITAT Kolkata addressed issues concerning unexplained income from a mother-son financial transaction. The appellant had initially declared an income of ₹3,61,860 for the relevant assessment year. However, following proceedings under Section 147 of the Income Tax Act, the Assessing Officer (AO) added ₹15,50,000 as unexplained income, citing transfers from the Oriental Bank of Commerce account of the appellant’s mother, Smt. Kalawati Devi. The appellant claimed the sum was repayment of a loan, a contention...