https://www.taxtmi.com/caselaws?id=761972 ITAT Delhi allowed the assessee's appeal and deleted additions made under Section 69 for unexplained investments. The tribunal found that the assessee, engaged in straw business showing turnover of Rs. 18,35,000 and income of Rs. 2,50,000 under Section 44AD, had legitimate explanation for capital withdrawal used for investment. The tribunal accepted that cash accumulation from earlier years was possible given the cash-based business nature, supported by capital account and statement of affairs. Additionally, a protective addition was deleted as the substantial addition had already been made and accepted in the spouse's hands with tax duly paid. en-us Mon, 18 Nov 2024 00:00:00 +0530 Wed, 20 Nov 2024 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761972 ITAT Delhi allowed the assessee's appeal and deleted additions made under Section 69 for unexplained investments. The tribunal found that the assessee, engaged in straw business showing turnover of Rs. 18,35,000 and income of Rs. 2,50,000 under Section 44AD, had legitimate explanation for capital withdrawal used for investment. The tribunal accepted that cash accumulation from earlier years was possible given the cash-based business nature, supported by capital account and statement of affairs. Additionally, a protective addition was deleted as the substantial addition had already been made and accepted in the spouse's hands with tax duly paid. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761972