No addition u/s 69 on account of Unexplained Investment on Bank Account

Anjali Roy Vs ITO (ITAT Kolkata) Conclusion: Addition on account of unexplained investments under section 69 could not be made as whatever deposits were made were either out of the past savings or from the loans taken from relatives. Held: Assessee was staying in a small village, which was a five-hour journey from Kolkata, and had been assessed to tax only on the ground that during demonetisation, a credit of roughly Rs.10 lakhs was reflected in her account. AO made an addition under section 69 by holding that it was an unexplained investment of assessee in the Bank account. Thus, assessee app...