ITAT Restores ₹30.91 Cr Unexplained Investment addition Case for Fresh Assessment

Samarttha Developers Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune addressed an appeal filed by Samarttha Developers against an order by the Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre (NFAC), Delhi, which had confirmed an addition of over Rs. 30 crore by the Assessing Officer (AO) as unexplained investment under Section 69 of the Income Tax Act, 1961, for the assessment year 2015-16. The AO had reopened the assessment after the assessee, a partnership firm, purchased multiple immovable properties but failed to file an income tax return. Despite th...