Addition u/s. 69 not sustained since source of investment explained: ITAT Ahmedabad

Kamalbhai Babulal Kahar Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition u/s. 69 of the Income Tax Act towards unexplained investment unsustainable since assessee had explained the source of investment in FDs as being from his FD/OD account. Accordingly, matter remanded to CIT(A) for fresh adjudication. Facts- Vide the present appeal, the appellant contested the addition made on account of interest income amounting to Rs.6,04,915/-. Notably, the assessee had earned interest income on term deposits of Rs.6,04,915/-, he had returned income only of Rs.3,01,958/- on the same. Assessee con...