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Flat Purchase Addition Deleted – Creditor Loan Proved; Wife’s Contribution Not Taxable: ITAT Mumbai
Case Law Details
- Case Name
- Ekesh Gaurang Desai Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Ekesh Gaurang Desai Vs ACIT (ITAT Mumbai)
Flat purchase addition deleted – Loan from creditor proved; wife’s contribution cannot be taxed in assessee’s hands – ITAT Mumbai
In Ekesh Gaurang Desai vs ACIT (A.Y. 2011-12), addition of ₹94.69 lakh was made on investment in purchase of a flat after search proceedings, alleging unexplained source of funds. The assessee explained that investment was partly from own funds, partly from spouse (co-owner), and balance through loan from Shri Anand P. Nair, supported by confirmations, ledger accounts and bank transactions.
The ITA...
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