Assessee along with his mother and brother acquired a residential flat. Assessee made investment of certain amount in said property sourced as loan from his mother.\u00a0 Assessing Officer held that creditworthiness of mother as doubtful, held that investment made by assessee was unexplained and taxed same under section 69. CIT(A) up held the addition. On appeal the Tribunal held that\u00a0 the assessee had had established the creditworthiness of mother\u00a0 hence addition is\u00a0 deleted. As regards interest paid to mother the matter is remanded back to the AO for verification.\u00a0 (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69 :Unexplained investments-Immovable property-Loan from mother-Creditworthiness is established-Addition is deleted-Interest paid to mother-Matter remanded to the AO for verification. [S. 22, 24] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55371","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ep5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55371"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55371\/revisions"}],"predecessor-version":[{"id":55372,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55371\/revisions\/55372"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}