ITAT Deletes Section 69 Addition Where Investment Was Made Through Tenant’s Cheque and Properly Explained

Nagina Nusrath Vs ITO (ITAT Bangalore) ITAT Deletes Section 69 Addition Where Investment Was Made Through Tenant’s Cheque and Properly Explained The Bangalore ITAT deleted an addition of ₹5 lakh made under section 69, holding that an investment cannot be treated as unexplained when the source and mode of payment are clearly evidenced through contemporaneous documents. The Tribunal found that the Revenue authorities had incorrectly assumed that the assessee had made a cash investment in M/s I Monetary Advisory, whereas the records established that the payment was made through a cheque issue...