Appellate Tribunal upheld deletion of unexplained investment u/s 69. Director's name instead of company's was genuine mistake.

Appellate Tribunal upheld deletion of unexplained investment u/s 69. Director's name instead of company's was genuine mistake. https://www.taxtmi.com/highlights?id=78854 The Appellate Tribunal addressed the addition u/s 69 concerning unexplained investment. The issue stemmed from an agreement displaying the individual name of the assessee, a director of the company, instead of the company's name. The Tribunal upheld the CIT (A)'s decision, noting a genuine mistake rectified later. Section 69 criteria were examined, requiring unrecorded investments with no satisfactory explanation. The Tribunal found the provided explanation credible and supported by evidence, thus dismissing the Revenue's appeal. en-us Thu, 27 Jun 2024 12:19:46 +0530 Thu, 27 Jun 2024 12:19:46 +0530 TaxTMI RSS Generator Appellate Tribunal upheld deletion of unexplained investment u/s 69. Director's name instead of company's was genuine mistake. https://www.taxtmi.com/highlights?id=78854 The Appellate Tribunal addressed the addition u/s 69 concerning unexplained investment. The issue stemmed from an agreement displaying the individual name of the assessee, a director of the company, instead of the company's name. The Tribunal upheld the CIT (A)'s decision, noting a genuine mistake rectified later. Section 69 criteria were examined, requiring unrecorded investments with no satisfactory explanation. The Tribunal found the provided explanation credible and supported by evidence, thus dismissing the Revenue's appeal. Highlights Income Tax Thu, 27 Jun 2024 12:19:46 +0530 https://www.taxtmi.com/highlights?id=78854