No Section 69 Addition If Investment recorded in Books & Explanation Satisfactory

ACIT Vs Rajmohan Appalacharya N. Chakravarty (ITAT Mumbai)

Introduction: In a landmark ruling dated January 17, 2024, the Income Tax Appellate Tribunal (ITAT) Mumbai delivered a significant judgment in the case of ACIT vs. Rajmohan Appalacharya N. Chakravarty. This case revolves around the crucial aspect of additions under Section 69 of the Income Tax Act, 1961, and whether such additions can be justified once the source of investment is adequately proven by the taxpayer. The ITAT Mumbai’s decision she

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