ITAT Bangalore Remits Rs. 2.24 Crore Capital Introduction Issue to AO for Fresh Consideration

Ananda Reddy Nagaraja Reddy Vs ITO (ITAT Bangalore)

AO has made the addition of Rs.2,24,37,380 towards capital introduction for want of proper evidence. The ld. FAA has given ample opportunities, however there was no compliance from the assessee’ s side. Therefore he dismissed the appeal. The ld. AR submitted that the amount contributed is out of his own capital, but this fact has not been verified for want of proper evidence. Considering the prayer of the assessee and in the interest of justice, we remit the issue to the Assessing Officer for fresh consideration and decision as

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