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Addition U/s 69 Deleted; AO/CIT(A) Inconsistency & No On-Money Evidence – ITAT Mumbai
Case Law Details
- Case Name
- Mithlesh Amarnath Maurya Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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Mithlesh Amarnath Maurya Vs ITO (ITAT Mumbai)
Addition u/s 69 Deleted – No Evidence of On-Money Source Accepted in Spouse’s Case; Inconsistent Approach of AO/CIT(A) Rejected – ITAT Mumbai
The assessee faced addition of ₹57.24 lakh as unexplained investment in flat purchase and alleged on-money payment based on information from search on a builder group. CIT(A) granted partial relief by accepting housing loan of ₹42.50 lakh but sustained ₹14.74 lakh u/s 69. Before ITAT, it was shown that the property was jointly purchased, funded through housing loan and spouse’s banked savings, a...
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