The tribunal asked the AO to verify if the assessee’s share was funded through borrowed money and allowed the interest claim if confirmed
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) deleted the unexplained investment addition of ₹33,92,975 after reassessment, holding that the co-owner’s creditworthiness was accepted in her reopened assessment. Ankur Goyal,appellant-assessee,jointly purchased a residential flat in Mumbai with his mother, Smt. Sudha Goyal, and brother, Shri Anuj Goyal, for ₹1,24,26,616 during the relevant year. His…
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