Unexplained investment u/s 69 - Amount advanced by M/s. KSR ...

Unexplained investment u/s 69 reclassified as a gift u/s 56(2)(vi); addition deleted.

October 20, 2020

Case Laws Income Tax AT

Unexplained investment u/s 69 - Amount advanced by M/s. KSR Constructions to the assessee has to be construed as the amount given by M/s. KSR Constructions on behalf of the assessee’s spouse. Hence, the first proviso of section 56(2)(vi) shall come into operation in the case of the assessee and accordingly the amount received by the assessee shall be treated as a gift received by the assessee from her spouse. - Addition made u/s 69 deleted - AT

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Unexplained investment u/s 69 - Amount advanced by M/s. KSR ...

Unexplained investment u/s 69 reclassified as a gift u/s 56(2)(vi); addition deleted.

October 20, 2020

Case Laws Income Tax AT

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