ITAT Remands Case to AO, Allows Assessee to Explain Investments

Maheshbhai Nagjibhai Desai Vs ITO (ITAT Ahmedabad) In the case of Maheshbhai Nagjibhai Desai Vs ITO, the Income Tax Appellate Tribunal (ITAT), Ahmedabad, reviewed an appeal against the order passed by the Commissioner of Income-tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), for the assessment year 2012-13. The primary issues involved were the reopening of the assessment under Section 147 of the Income-tax Act, 1961, and the confirmation of an addition of ₹28,50,000 as unexplained investment under Section 69 of the Act. The Assessing Officer (AO) determined the total income o...