Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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The ITAT held that additions under section 69 for unexplained investments were not justified as the alleged investments were recorded in the books and the assessee provided satisfactory explanations supported by documentary evidence. The AO's reliance solely on account entries, prepared immediately after the financial year without corroborative proof, was insufficient. The tribunal emphasized that for invoking section 69, the investments must be unrecorded in the books and the source of funds unexplained. Here, the sale consideration was not paid, and there was no physical transfer of property, rendering the purported sale invalid and the deed ineffective. Consequently, no unexplained investment arose, and the addition under section 69 was unwarranted. The appeal was allowed, setting aside the addition.
The ITAT held that additions under section 69 for unexplained investments were not justified as the alleged investments were recorded in the books and the assessee provided satisfactory explanations supported by documentary evidence. The AO's reliance solely on account entries, prepared immediately after the financial year without corroborative proof, was insufficient. The tribunal emphasized that for invoking section 69, the investments must be unrecorded in the books and the source of funds unexplained. Here, the sale consideration was not paid, and there was no physical transfer of property, rendering the purported sale invalid and the deed ineffective. Consequently, no unexplained investment arose, and the addition under section 69 was unwarranted. The appeal was allowed, setting aside the addition.
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