Unexplained Investment Limited to Actual Payment Made in the Year: ITAT Mumbai

Deepak Devidas Sajnani Vs ITO (ITAT Mumbai) Section 69 Limited to Yearly Outflow: ITAT Restricts Unexplained Investment to Actual Payment Made The Mumbai Bench of the Income Tax Appellate Tribunal partly allowed the assessee’s appeal for AY 2015-16, holding that an addition under section 69 on account of investment in immovable property cannot exceed the amount actually paid during the relevant year. The assessee, a non-resident individual, had purchased an immovable property with total consideration (including stamp duty) of about ₹2.56 crore. While the Assessing Officer treated the entir...