SHWETHA RAJANNA,BANGALORE vs. INCOME TAX OFFICER, WARD-5(3(4), BANGALORE

ITA 1706/BANG/2026Status: DisposedITAT Bangalore21 September 2026AY 2022-20237 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the source of funds for the property acquisition was sufficiently explained through housing loan, husband's bank account funds, and assessee's bank account funds, supported by bank statements and mutual fund redemptions. The addition was deleted as the source and application of funds were traceable.

What were the facts?

The assessee jointly purchased a property with her husband, funding it through a housing loan and personal funds from bank accounts, including mutual fund redemptions. The Assessing Officer added a portion of the investment as unexplained, which was upheld by the CIT(A) primarily due to a lack of response to a second show-cause notice.

What were the issues?

Whether the addition of unexplained investment under Section 69 of the Income-tax Act was justified when the assessee had provided sufficient explanation for the source of funds, and whether the CIT(A) erred in upholding the addition solely on the basis of a non-response to a show-cause notice.

Which sections of the Income-tax Act were involved?

Section 69,Section 143(3),Section 144B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SANDEEP SINGH KARHAIL

PER SHRI PRASHANT MAHARISHI, VICE PRESIDENT This appeal is filed by the assessee against the appellate order dated 26 February 2026 passed by the National Faceless Appeal Centre, Delhi (learned CIT(A)), for assessment year 2022–23. By that order, the assessee’s appeal against the assessment order dated 18 March 2024, passed under section 143(3) of the Income-tax Act, 1961 by the assessment unit determining total income at ₹ 4,970,789 as against the returned income of ₹ 1,210

The order continues below.

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