No Addition u/s 69 When Property Payments Flow Through Explained Bank Accounts – ITAT Deletes ₹3.29 Crore Addition

DCIT Vs Kiran Pal Khatana (ITAT Delhi) No Addition u/s 69 When Property Payments Flow Through Explained Bank Accounts – ITAT Deletes ₹3.29 Crore Addition The Delhi ITAT upheld the deletion of ₹3.29 crore addition made u/s 69 towards investment in two immovable properties, holding that once the payments were made through disclosed bank accounts and the credits in those bank accounts were never treated as unexplained, the Assessing Officer could not again treat the property investments as unexplained. The assessee had demonstrated that the properties were purchased through banking chan...