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The ITAT upheld the validity of assessment reopening based on information regarding immovable property transactions, rejecting the assessee's challenge due to non-filing of income tax returns and absence of supporting evidence explaining investment sources. Regarding unexplained investments, while the CIT(A) confirmed additions after finding cash deposits in creditor bank accounts preceding payments to the assessee, the ITAT remanded the matter to the AO for verification of additional evidence including creditor confirmations and identity proofs submitted by the assessee. The Tribunal directed proper examination of the fresh evidence and ordered the AO to decide the issue after providing adequate hearing opportunity to the assessee.
The ITAT upheld the validity of assessment reopening based on information regarding immovable property transactions, rejecting the assessee's challenge due to non-filing of income tax returns and absence of supporting evidence explaining investment sources. Regarding unexplained investments, while the CIT(A) confirmed additions after finding cash deposits in creditor bank accounts preceding payments to the assessee, the ITAT remanded the matter to the AO for verification of additional evidence including creditor confirmations and identity proofs submitted by the assessee. The Tribunal directed proper examination of the fresh evidence and ordered the AO to decide the issue after providing adequate hearing opportunity to the assessee.
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