No section 69 addition in hand of shareholder for unexplained investment

JCIT Vs Ajay Sharma (ITAT Delhi)

Introduction: In the case of JCIT vs. Ajay Sharma, the Income Tax Appellate Tribunal (ITAT) Delhi addressed an appeal against the order of the National Faceless Appeal Centre (NFAC), New Delhi, dated 11th October 2021, pertaining to the assessment year 2009-10. The key issue revolved around the addition of Rs. 1.95 crores made on account of unexplained investment under Section 69 of the Income Tax Act, 1961.

Background of the Case:

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