Flat Purchase Addition Deleted – Creditor Loan Proved; Wife’s Contribution Not Taxable: ITAT Mumbai

Ekesh Gaurang Desai Vs ACIT (ITAT Mumbai) Flat purchase addition deleted – Loan from creditor proved; wife’s contribution cannot be taxed in assessee’s hands – ITAT Mumbai In Ekesh Gaurang Desai vs ACIT (A.Y. 2011-12), addition of ₹94.69 lakh was made on investment in purchase of a flat after search proceedings, alleging unexplained source of funds. The assessee explained that investment was partly from own funds, partly from spouse (co-owner), and balance through loan from Shri Anand P. Nair, supported by confirmations, ledger accounts and bank transactions. The ITAT observed that t...