Allowing the appeal the Tribunal held that family members have explained the source of investment and considering the financial strength and status of family addition is held to be not justified. Tribunal also held that renovation of house property out of withdrawals from bank hence the addition is not justified. (AY. 2006-07)
Anila Rasiklal Mehta (Mrs.) v. Dy. CIT (2021) 214 TTJ 849 / 63 CCH 491 (Mum.)(Trib.)
S. 69A : Unexplained money-Unexplained jewellery-Family members explained the source of investment-Addition is held to be not justified-Renovation of house property out of withdrawals from bank-Addition is not valid. [S. 69C, 132, 153A]