https://www.taxtmi.com/caselaws?id=447177 ITAT Ahmedabad dismissed Revenue's appeal regarding unexplained investments addition. Assessee purchased shop with cash from undisclosed sources, but CIT(A) deleted the addition. ITAT upheld CIT(A)'s order, citing Gujarat HC precedent in Krishna Textiles vs CIT, which held assessee cannot be required to explain income source when third party credits amount but assessee denies making such investment or payment to third party. Addition was based on third party's books showing payment from assessee, but deletion was justified under established legal principle. en-us Fri, 13 Oct 2023 00:00:00 +0530 Tue, 19 Dec 2023 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447177 ITAT Ahmedabad dismissed Revenue's appeal regarding unexplained investments addition. Assessee purchased shop with cash from undisclosed sources, but CIT(A) deleted the addition. ITAT upheld CIT(A)'s order, citing Gujarat HC precedent in Krishna Textiles vs CIT, which held assessee cannot be required to explain income source when third party credits amount but assessee denies making such investment or payment to third party. Addition was based on third party's books showing payment from assessee, but deletion was justified under established legal principle. Case-Laws Income Tax Fri, 13 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447177