Rs 10 lakh investment, different explanations: why ITAT deleted tax addition and Rs 2 lakh penalty

The dispute arose after the income tax department received information about an investment of Rs 11.25 lakh made by a man with a wealth management firm. The assessing officer accepted that Rs 1.25 lakh had been paid by cheque, but the source of the remaining Rs 10 lakh, was questioned. Before consi…