AO added Rs.89,49,138 u/s 69A as unexplained money, Taxpayer submitted paper book explaining each entries: ITAT Remands Matter for Reconsideration

The Income Tax Appellate Tribunal (ITAT) remanded a case where the Assessing Officer (AO) added ₹8,949,138 under Section 69A as unexplained money. The taxpayer had submitted a detailed paper book explaining each entry, but the AO did not properly consider the evidence. The ITAT noted that the AO failed to examine the documents comprehensively and therefore directed a reconsideration of the assessment. The ruling underscores the importance of a thorough evaluation of the taxpayer's submissions and the need for a fair and transparent approach in dealing with unexplained cash or deposits, emphasizing the responsibility of the AO to support their findings with solid evidence.