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2016 (11) TMI 359 - ITAT MUMBAIAddition of unexplained cash credits under section 68 - Held that:- We concur with the factual findings of the learned CIT(A) that it has been established that the assessee’s son, Dilip Gurnani; daughter Ms. Deepa Hotchandani; brother-in-law Shri Kamal S. Sadhwani and sister-in-law Smt. Manju Kamal Sadhwani, resident and carrying on business abroad, have invested their funds through their bank accounts maintained in India, in the purchase of the said flat. The identity of the investors; close family members and their creditworthiness has been established and the genuineness of the transactions cannot be doubted. We, therefore, uphold the finding of the learned CIT(A) in the impugned order that the amount shown in the names of the four persons (viz. relatives of the assessee) are properly explained and therefore the addition of this amount as unexplained cash credits under section 68 of the Act is to be deleted. - Decided against revenue
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