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2015 (10) TMI 2170 - AT - Income TaxUnaccounted investment u/s.69 - CIT(A) deleted the addition - Held that:- CIT(A) proceeded on the assumption as if the housing loan of Rupees Ten lacs was obtained for the construction of house. No material has been placed in respect of the housing loan obtained from Central Bank of India and whether the amount was utilized for renovation of the house or construction of building is not clear. The assessee has also not placed any material with regard to presentation of house construction plan to the local authority and approval thereof to substantiate his claim that he had only purchased vacant piece of land. The assessee has placed on record affidavits of the vendor in Gujarati and the veracity of the contents needs verification at the end of the AO. Under these facts and circumstances, we are unable to accept the reasoning given by the ld.CIT(A) and hereby set aside the impugned appellate order and restore the appeal to the file of AO for de novo assessment. The assessee is hereby directed to place all the evidences relating to purchase and construction of the property in question to AO who would make further inquiries if so needed. - Decided in favour of revenue for statistical purposes.
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