The ITAT bench of Bengaluru has held that in order to invoke the provision of section 69 of the Income Tax Act

The ITAT bench of Bengaluru has held that in order to invoke the provision of section 69 of the Income Tax Act 

The ITAT bench of Bengaluru has held that in order to invoke the provision of section 69 of the Income Tax Act, it is sine qua non that the assessee must have made investments which are not recorded in the books of account. The factum of the assesses having made investment should be first proved by the AO, only then the burden shifts on the assessee to prove the source of investment. Such investment outside the books of account must be positively proved by the AO and not only inferred from the attending facts. If such an investment outside the books is not proved, the assessee cannot be called upon to prove the source of such a hypothetical investment. 



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