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No Addition u/s 69 When Property Payments Flow Through Explained Bank Accounts – ITAT Deletes ₹3.29 Crore Addition
Case Law Details
- Case Name
- DCIT Vs Kiran Pal Khatana (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Delhi
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DCIT Vs Kiran Pal Khatana (ITAT Delhi)
No Addition u/s 69 When Property Payments Flow Through Explained Bank Accounts – ITAT Deletes ₹3.29 Crore Addition
The Delhi ITAT upheld the deletion of ₹3.29 crore addition made u/s 69 towards investment in two immovable properties, holding that once the payments were made through disclosed bank accounts and the credits in those bank accounts were never treated as unexplained, the Assessing Officer could not again treat the property investments as unexplained. The assessee had demonstrated that the properties were purchased thr...
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