Nagpur ITAT Restores Unexplained Investment Addition for Denied Proper Opportunity

Afzal Abubaker Mitha Vs ITO (ITAT Nagpur) The Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) restored an issue relating to alleged unexplained investment of ₹29,53,840 to the file of the Jurisdictional Assessing Officer (JAO) for fresh adjudication after observing that the assessee had not received adequate opportunity before the lower authorities. The appeal arose from an assessment order passed under Section 143(3) read with Section 254 of the Income Tax Act for Assessment Year 2009-10. The assessee challenged the addition on the ground that the investment was from explained sour...