ITAT Deletes Investment Addition as Bank Records Proved Source of Funds Despite Non-Production of Mother

Vikrant Sandal Vs ITO (ITAT Chandigarh) The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeal filed by the assessee for Assessment Year 2010-11 against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, arising from an assessment framed under Sections 143(3) read with 147 of the Income-tax Act, 1961. The assessee’s case was reopened through a notice issued under Section 148 on 26 March 2017 to examine investments in purchase of property, cash deposits, and cash payments towards credit card dues. Since the assessee ...