https://www.taxtmi.com/caselaws?id=765170 ITAT Delhi ruled in favor of the assessee regarding investment taxability under Section 69. The tribunal found that since the ACIT had accepted the creditworthiness of the assessee's mother in reopened assessment proceedings, the loan from her was legitimate and the addition was deleted. However, regarding interest disallowance under Section 24, the tribunal directed the AO to verify whether the assessee's investment was made from borrowed funds to the extent of his share. Interest deduction would be allowed only for the initial investment matching the assessee's share, not for subsequent investments from borrowed funds. en-us Fri, 24 Jan 2025 00:00:00 +0530 Mon, 27 Jan 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765170 ITAT Delhi ruled in favor of the assessee regarding investment taxability under Section 69. The tribunal found that since the ACIT had accepted the creditworthiness of the assessee's mother in reopened assessment proceedings, the loan from her was legitimate and the addition was deleted. However, regarding interest disallowance under Section 24, the tribunal directed the AO to verify whether the assessee's investment was made from borrowed funds to the extent of his share. Interest deduction would be allowed only for the initial investment matching the assessee's share, not for subsequent investments from borrowed funds. Case-Laws Income Tax Fri, 24 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765170