No Addition Under Section 69 If Source Declared in Balance Sheet: ITAT Pune

Balasaheb Sopan Yelwande Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune addressed the appeal filed by Balasaheb Sopan Yelwande for the Assessment Year 2015-16. The case arose from the reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961. The primary issues in the appeal pertained to unexplained investment under Section 69, alleged on-money payments, and unexplained cash deposits. The Tribunal first dealt with the unexplained investment of ₹9,90,000, which was disclosed in the assessee’s balance sheet. ITAT ruled that Section 69 could not be...