https://www.taxtmi.com/caselaws?id=769348 ITAT Ahmedabad allowed the assessee's appeal on three grounds. Regarding unexplained investments under Section 69, the tribunal found bank statements from Cosmos Co-Op Bank substantiated loan repayments and share consideration payments, rejecting the addition. For gift received from anonymous sources, the tribunal criticized revenue authorities' approach and held that shares received from the assessee's brother cannot be treated as unexplained investment under Section 69. Concerning Section 57 deduction, the tribunal allowed interest deduction against interest income from loan advances, finding sufficient documentation of 48 parties' details and treating it as legitimate business activity. en-us Tue, 22 Apr 2025 00:00:00 +0530 Thu, 24 Apr 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769348 ITAT Ahmedabad allowed the assessee's appeal on three grounds. Regarding unexplained investments under Section 69, the tribunal found bank statements from Cosmos Co-Op Bank substantiated loan repayments and share consideration payments, rejecting the addition. For gift received from anonymous sources, the tribunal criticized revenue authorities' approach and held that shares received from the assessee's brother cannot be treated as unexplained investment under Section 69. Concerning Section 57 deduction, the tribunal allowed interest deduction against interest income from loan advances, finding sufficient documentation of 48 parties' details and treating it as legitimate business activity. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769348