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ITAT Ahmedabad Slams Suspicion: Addition Deleted After Assessee Proves Loan Source with Land Sale Deed and Confirmations
Case Law Details
- Case Name
- Rakesh Jayantibhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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Rakesh Jayantibhai Patel Vs ITO (ITAT Ahmedabad)
Loans from father sisters duly proved with PAN, bank statements, land sale deed confirmations; CIT(A) wrongly sustained addition on mere suspicion
Assessee, engaged in AutoCAD design work, filed his return declaring ₹2,91,400. Based on information that he invested ₹20,00,000 in Cruso Granito Pvt. Ltd., the case was reopened u/s 147. Assessee explained that this investment was funded through savings & unsecured loans from his father and two sisters.
AO partly accepted the explanation but treated ₹11,70,000 as unexplaine...
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