https://www.taxtmi.com/caselaws?id=444239 The Tribunal confirmed the addition of Rs. 70,50,000 towards unexplained investment by way of an unsecured loan in Manko, noting the use of an overdraft account as a conduit for routing unaccounted cash. The addition of Rs. 51,72,056 towards unexplained investment in immovable property was also upheld due to lack of evidence supporting the source of investment. Regarding the capital gain on the sale of shares in Manko, the Tribunal determined the consideration to be Rs. 675 lakhs, leading to taxation of the difference as income from other sources. The Tribunal partly allowed both parties' appeals and emphasized the importance of correcting errors in the proceedings. en-us Mon, 09 Oct 2023 00:00:00 +0530 Thu, 12 Oct 2023 09:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444239 The Tribunal confirmed the addition of Rs. 70,50,000 towards unexplained investment by way of an unsecured loan in Manko, noting the use of an overdraft account as a conduit for routing unaccounted cash. The addition of Rs. 51,72,056 towards unexplained investment in immovable property was also upheld due to lack of evidence supporting the source of investment. Regarding the capital gain on the sale of shares in Manko, the Tribunal determined the consideration to be Rs. 675 lakhs, leading to taxation of the difference as income from other sources. The Tribunal partly allowed both parties' appeals and emphasized the importance of correcting errors in the proceedings. Case-Laws Income Tax Mon, 09 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444239