AO adds Rs. 30 crore as Unexplained Investment: ITAT restores matter in Interest of Justice with Penalty [Read Order]

The tribunal observed that the assessee failed to file any submission even after giving several opportunities during the assessment proceedings
AO - Unexplained Investment - ITAT - Interest - Justice - Penalty - TAXSCAN

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) remanded the matter back to the Assessing Officer (AO) in interest of justice with penalty in a case where an addition of Rs. 30 crore was made as unexplained investment. Samarttha Developers (assessee) is a partnership firm purchased 11 immovable properties for consideration of Rs….

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here
taxscan-loader