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ITAT overturned an addition made under Section 69 for unexplained investment. The AO had computed an 8% shortfall of profit based on bank deposits and total turnover under Section 44AD. The Tribunal found that the assessee had properly filed returns on presumptive basis, disclosed all bank statements from three banks, and reported business receipts of 39,48,887/- as the source of investment. Since payments were made from disclosed bank accounts that were available to the AO during assessment, no addition under Section 69 was sustainable. The AO also failed to invoke Section 56(2)(vii). The assessee's appeal was allowed.
ITAT overturned an addition made under Section 69 for unexplained investment. The AO had computed an 8% shortfall of profit based on bank deposits and total turnover under Section 44AD. The Tribunal found that the assessee had properly filed returns on presumptive basis, disclosed all bank statements from three banks, and reported business receipts of 39,48,887/- as the source of investment. Since payments were made from disclosed bank accounts that were available to the AO during assessment, no addition under Section 69 was sustainable. The AO also failed to invoke Section 56(2)(vii). The assessee's appeal was allowed.
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