AO Failed to specify Transaction Details: ITAT Remands Rs. 50.5 Lakh Unexplained Money Matter for Reconsideration [Read Order]
The tribunal observed that the AO’s sole objection was the lack of explanation for the Rs. 50.5 lakh payment and further observed that the assessment order failed to record specific details about the transaction’s mode, which was necessary to seek clarification from the assessee
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving an addition of Rs. 50.5 lakh, treated as unexplained money, back to the Assessing Officer (AO) for fresh adjudication, citing the AO’s failure to specify transaction details. Dr. Anbu Selvan (assessee), an individual, filed his return of income for the…
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
