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Additions on Fixed Deposits Remanded After Late Submission of Proof
Case Law Details
- Case Name
- Sasi Kiran Sunkara Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Hyderabad
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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...
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