ITAT remands unexplained money case; AO failed to specify transaction details

Dr. Anbu Selvan Vs ITO (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) Chennai has remitted the case of Dr. Anbu Selvan against the Income Tax Officer (ITO) back to the Assessing Officer (AO) for fresh adjudication. The Tribunal’s decision centered on the AO’s failure to provide specific details regarding a disputed transaction of Rs. 50.5 lakh, which had been added to Dr. Selvan’s income as unexplained money. The appeal, filed by Dr. Anbu Selvan, challenged an order dated February 13, 2024, passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Cent...