ITAT Indore Deletes Addition for Property Investment, Accepts Loan from Brother & Wife’s Payment as Sources

Shoukat Mohd. Khan Vs ITO (ITAT Indore) The Indore Bench of the Income Tax Appellate Tribunal (ITAT) has allowed an appeal filed by Shoukat Mohd. Khan against an order of the Commissioner of Income-Tax (Appeals)-3, Bhopal [“CIT(A)”]. The CIT(A)’s order had partly upheld an assessment order passed by the Income Tax Officer-4(2), Bhopal [“AO”] under Section 144 of the Income-tax Act, 1961 [“the Act”] for the Assessment Year 2012-13, which included an addition of Rs. 70,13,980/- as unexplained investment in a residential property. The case arose when the assessee, an individual,...