Assessee Proves Investment Sources, ITAT Delhi Deletes ₹11.18 Lakh Addition

Varun Dewan Vs ITO (ITAT Delhi) ITAT Delhi deletes ₹11.18 Lakh addition – Assessee proves Property Investment Sources with Loan & Business Funds; Delhi ITAT has deleted an addition of ₹11,18,250 made as unexplained investment in property. Tribunal held that where Assessee produces credible evidence of loan transactions & business funds, the addition under the Income Tax Act cannot be sustained. Assessee had purchased immovable property jointly during FY 2011-12 for ₹39,50,000 plus stamp duty of ₹2,86,500. AO, based on AIR information, reopened the case by issuing notice u/...