Unexplained investment in house upheld – Loans from relatives not proved: ITAT Delhi

Kavya Saurabh Rastogi Vs ITO (ITAT Delhi) Delhi ITAT dismissed Assessee’s appeal & upheld the addition of ₹25.35 lakh as unexplained investment u/s 69, holding that Assessee failed to establish the creditworthiness of his mother & sister, from whom loans were allegedly taken for purchase of a residential house. Assessee, engaged in trading, had declared income of ₹3.47 lakh. Based on AIR data, AO noticed sale of a plot for ₹32.66 lakh & purchase of a house for ₹35 lakh. Though capital gains exemption u/s 54 was allowed, AO added ₹25.35 lakh as unexplained investment as ...