Addition u/s 69 Restored to AO to Verify ‘Rotation of Funds: ITAT Jodhpur

Ummaid mal Singhvi Vs ACIT (ITAT Jodhpur) ITAT Jodhpur: Addition u/s 69 Restored to AO to Verify ‘Rotation of Funds’ Explanation The Income Tax Appellate Tribunal allowed the assessee’s appeal for AY 2008-09 for statistical purposes, restoring a limited issue to the Assessing Officer for fresh verification. The Tribunal was seized of a recalled appeal to adjudicate Ground No. 5, relating to an addition of ₹5,66,600 sustained by the CIT(A) under section 69 as unexplained investment. The assessee contended that the source of the amount stood explained through a statement of rotation of f...