ITAT Confirms Section 69 ₹4.1 Crore Addition for Unexplained Investment

Sureshbhai Raghubhai Thorat Vs ITO (ITAT Surat) The ITAT Surat dismissed an appeal filed by Sureshbhai Raghubhai Thorat, thereby confirming the Commissioner of Income Tax (Appeals) [CIT(A)]’s order which had upheld an addition of ₹4.10 crore under Section 69 of the Income-tax Act, 1961. This addition was made by the Assessing Officer (AO) as unexplained investment after the assessee failed to respond to multiple notices during reassessment proceedings initiated under Section 147 of the Act. The reassessment was based on information indicating a significant investment made by the assess...