Case Law Analysis
|Income Tax Appellate Tribunal
Section 69 Income Tax Act | Unexplained Investment Taxable in Year of Actual Payment, Not Registration Date: ITAT Ahmedabad
The ITAT Ahmedabad has ruled that under Section 69, unexplained investments in immovable property are taxable only in the financial year when the payment is actually made, not when the property is registered. This reinforces that documentary proof of payment timing trumps speculative assumptions by tax authorities, offering clarity to non-residents and cash-based investors facing scrutiny.