Allowing the appeal of the assessee the Appellate Tribunal held held that contribution of funds as part of Family Settlement to balance settlement between brothers and explained that source of such funds was loan taken from Bank, it could not be treated as undisclosed income. (AY.2015-16 )
Govind Kumar Khemka. v. ACIT (2020) 181 ITD 586/ 193 DTR 341 / 207 TTJ 393 (Delhi) (Trib.)
S. 69B : Amounts of investments not fully disclosed in books of account –Family settlement – Contribution to family settlement by taking loan from bank – Addition is held to be not valid .