https://www.taxtmi.com/caselaws?id=439192 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], ruling in favor of the assessee. The ITAT found that the assessee had sufficiently proven the legitimate source of funds for the property purchase, emphasizing that the Assessing Officer's rejection lacked concrete evidence and relied on suspicion. Consequently, the addition of Rs. 3.40 crores as unexplained investment under Section 69 of the Income Tax Act was deemed unwarranted, and the appeal by the Revenue was dismissed. en-us Wed, 14 Jun 2023 00:00:00 +0530 Mon, 19 Jun 2023 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439192 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], ruling in favor of the assessee. The ITAT found that the assessee had sufficiently proven the legitimate source of funds for the property purchase, emphasizing that the Assessing Officer's rejection lacked concrete evidence and relied on suspicion. Consequently, the addition of Rs. 3.40 crores as unexplained investment under Section 69 of the Income Tax Act was deemed unwarranted, and the appeal by the Revenue was dismissed. Case-Laws Income Tax Wed, 14 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439192