Interbank Transfer not Unexplained Money U/s. 69A of Income Tax Act

Rammohan Kordale Vs ACIT (ITAT Bangalore)  Introduction: The Income Tax Appellate Tribunal (ITAT) of Bangalore recently made a significant ruling in the case of Rammohan Kordale vs ACIT. The tribunal declared that the money transferred between the assessee’s joint bank accounts cannot be classified as unexplained money under Section 69A of the Income Tax Act. Analysis: In the proceedings, the AO had initially added an amount of Rs.1,82,952/- to the assessee’s income, categorizing it as unexplained money under Section 69A of the Income Tax Act, 1961. The AO argued that this amount,...