Man invested Rs 10 lakh, which tax department treated as unexplained; he first cited cash loan, then bank withdrawals as source, ITAT Nagpur deletes addition and Rs 2.11 lakh penalty
The officer therefore treated Rs 10 lakh as an unexplained investment. (Image for representative purpose only) Having a money trail of your investments and its sources is important. Unexplained income and investments can invite scrutiny from the Income Tax Department.In one such case, a man invested some money in a wealth management company and faced…
