Year of taxability for unexplained share investment must match the purchase year, not a later assessment year.

Year of taxability for unexplained share investment must match the purchase year, not a later assessment year. https://www.taxtmi.com/highlights?id=99468 The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law. en-us Tue, 05 May 2026 09:09:34 +0530 Tue, 05 May 2026 09:09:36 +0530 TaxTMI RSS Generator Year of taxability for unexplained share investment must match the purchase year, not a later assessment year. https://www.taxtmi.com/highlights?id=99468 The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law. Highlights Income Tax Tue, 05 May 2026 09:09:34 +0530 https://www.taxtmi.com/highlights?id=99468