Section 69 Addition Unsustainable as Joint Ownership & Foreign Investment Source Established: ITAT Mumbai

Ira Maulik Shah Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, considered an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, arising from an assessment under Sections 143(3) read with 144B of the Income Tax Act, 1961 for Assessment Year 2023-24. The dispute concerned an addition of ₹25,05,81,504 under Section 69 in respect of foreign investments disclosed in Schedule FA. The Assessing Officer selected the case for scrutiny under CASS on the risk parameter relating to a new foreign asse...