ITAT Ahmedabad Partially Upholds Unexplained Investment Addition

Bhavin V. Maniar Vs ITO (ITAT Ahmedabad) In the case of Bhavin V. Maniar Vs ITO, the Income Tax Appellate Tribunal (ITAT) in Ahmedabad partially upheld the addition of Rs. 79.35 lakh under Section 69 of the Income Tax Act, treating it as an unexplained investment. The case revolves around a property purchase in Ahmedabad’s Satellite Area during the 2018 assessment year. The taxpayer claimed that Rs. 49.55 lakh was funded through an HDFC Bank loan, while the remaining funds came from his own sources and contributions from his father. The tribunal reviewed the records, including a 285-page pap...