https://www.taxtmi.com/caselaws?id=444804 The ITAT Delhi allowed the assessee's appeal against addition under section 69 for unexplained investment. The assessee had deposited cash for home loan repayment during demonetization, with 75% of deposits being questioned. The tribunal held that since cash was deposited for loan repayment and not for acquiring movable/immovable property, section 69 (unexplained investment) was incorrectly applied. The assessee adequately explained cash sources through salary, partnership withdrawals, and family contributions. The AO applied wrong charging section and CIT(A) upheld without proper examination. Following Sarika Jain precedent, the addition was deleted as legally unsustainable. en-us Wed, 18 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 08:46:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444804 The ITAT Delhi allowed the assessee's appeal against addition under section 69 for unexplained investment. The assessee had deposited cash for home loan repayment during demonetization, with 75% of deposits being questioned. The tribunal held that since cash was deposited for loan repayment and not for acquiring movable/immovable property, section 69 (unexplained investment) was incorrectly applied. The assessee adequately explained cash sources through salary, partnership withdrawals, and family contributions. The AO applied wrong charging section and CIT(A) upheld without proper examination. Following Sarika Jain precedent, the addition was deleted as legally unsustainable. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444804