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Third-Party DD Payment Explains Investment; U/s 69 Addition Deleted
Case Law Details
- Case Name
- Raghunath Maruti Bhosale Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
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Raghunath Maruti Bhosale Vs ITO (ITAT Pune)
The ITAT, Pune (SMC) held that section 69 cannot be invoked when the source of investment stands explained, even if the assessee is unable to produce the financier. In this case (AY 2007-08), the assessee—a school teacher—was alleged to have made unexplained investment of ₹10.50 lakh towards purchase of a flat in a co-operative housing society.
The Tribunal noted that the entire payment was made through banking channel by demand draft, drawn directly by the society’s Chairman (Mr. Umesh D. Shinde) in favour of the housing society. This fact w...
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