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ITAT Ahmedabad Partially Upholds Unexplained Investment Addition
Case Law Details
- Case Name
- Bhavin V. Maniar Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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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...
