Unexplained Source of Investment on 4Kg Gold: ITAT Directs to Consider R. 46 Evidence Citing...

The ITAT (Income Tax Appellate Tribunal) has directed the AO to "consider Rule 46A evidence for unexplained source of investment on 4kg gold," citing improper rejection. The assessee had failed to provide necessary explanations before the Assessing Officer regarding the source of a significant gold investment. However, the ITAT observed that additional evidence under Rule 46A of the Income Tax Rules was wrongly rejected by the CIT(A) or not adequately considered. This remand allows the assessee a fair opportunity to substantiate their claims with new evidence, ensuring natural justice.