ITAT Delhi Deletes Section 69 Addition, Remands Section 24 Issue

Ankur Goyal Vs ITO (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, recently adjudicated on an appeal filed by Mr. Ankur Goyal concerning the Assessment Year 2012-13. The appeal contested two primary additions upheld by the Commissioner of Income Tax (Appeals): the treatment of Rs. 33,92,975 received from his mother as unexplained investment under Section 69 of the Income Tax Act, 1961, and the disallowance of a Rs. 3,96,500 interest claim under Section 24 related to a co-owned property. The case arose from Mr. Goyal’s investment in a residential flat in Mumbai, co-purchas...