Additions on Fixed Deposits Remanded After Late Submission of Proof

Sasi Kiran Sunkara Vs DCIT (ITAT Hyderabad) ITAT Hyderabad: Unexplained Fixed Deposits—Matter Remanded to Verify Parental Funding and Money Trail The Hyderabad Bench of the ITAT set aside the NFAC/CIT(A) order sustaining an addition of ₹6.40 crore as unexplained investment under section 69 for AY 2022-23. The assessee had made substantial fixed deposits in Union Bank of India and claimed the source to be funds received from his parents—₹1 crore from his father and the balance from his mother, including amounts arising from sale of her properties. While the lower authorities rejected th...