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2016 (6) TMI 126 - AT - Income TaxAddition on unexplained investment u/s 69B - Held that:- Here is a case in which the assessee claimed to have purchased the property for a sum of ₹ 40,00,000/- and the Assessing Officer has made addition of ₹ 90,64,575/- on the basis of difference between the market price and apparent sale consideration. No attempt has been made for verifying the price from the seller of the property. In other words, there is no positive material evidencing the making of actual investment by the assessee over and above ₹ 40,00,000/-. Under such circumstances, there can be no point in making any addition towards unexplained investment u/s 69B of the Act. - Decided in favour of assessee.
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