Purchases reflected in Book of Accounts cannot be treated as Unexplained Investment: ITAT sets aside Order of CIT(A) [Read Order]

Purchases reflected in Book of Accounts - Purchases - Book of Accounts - Unexplained Investment - Investment - ITAT sets aside Order of CIT(A) - ITAT - Taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the purchases reflected in the books of accounts cannot be treated as unexplained investments. The assessee is an individual deriving income by way of salary, capital gains, and income from other sources. The Investigation Wing of the Income Tax Department found out that…

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