Suspicion Cannot Replace Evidence When Property Investment Is Fully Explained: ITAT Mumbai

Sanobar Ajaz Ahmed Saudagar Vs ITO (ITAT Mumbai) ITAT Deletes ₹80.10 Lakh Addition: Suspicion Cannot Replace Evidence When Property Investment Is Fully Explained The Mumbai ITAT deleted an addition of ₹80.10 lakh made under Section 69 in respect of a residential property purchase, holding that once the assessee had established the identity of the contributor, financial capacity, source of funds and actual utilization towards property acquisition, the investment could not be treated as unexplained merely because certain remittance records from a Dubai Exchange Bureau were unavailable after ...