https://www.taxtmi.com/caselaws?id=457054 The ITAT Delhi allowed the assessee's appeal against an addition under section 69 for unexplained investment. The assessee, a Non-Resident Indian settled in Germany since 1994, had minimal taxable income in India and was not required to file returns. The AO made the addition based on alleged date discrepancies in loan transactions, which the assessee claimed were inadvertent typographical errors. The Tribunal found that the assessee provided sufficient evidence of the loan transaction's identity and financial credibility through RTGS records, bank statements, and customer ledger accounts. The tax authorities erred in not properly considering the factual explanation and drawing adverse inferences without allowing the assessee to clarify the date discrepancy. en-us Wed, 23 Aug 2023 00:00:00 +0530 Tue, 03 Sep 2024 22:33:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457054 The ITAT Delhi allowed the assessee's appeal against an addition under section 69 for unexplained investment. The assessee, a Non-Resident Indian settled in Germany since 1994, had minimal taxable income in India and was not required to file returns. The AO made the addition based on alleged date discrepancies in loan transactions, which the assessee claimed were inadvertent typographical errors. The Tribunal found that the assessee provided sufficient evidence of the loan transaction's identity and financial credibility through RTGS records, bank statements, and customer ledger accounts. The tax authorities erred in not properly considering the factual explanation and drawing adverse inferences without allowing the assessee to clarify the date discrepancy. Case-Laws Income Tax Wed, 23 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457054