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2020 (2) TMI 510 - AT - Income TaxUndisclosed investment in construction of Hotel premises u/s 69B - HELD THAT:- We agree with the fact that suitable opportunity have been provided by the Assessing Officer as well as by the ld. CIT(A), at the same time, given fact that the Karta of the assessee HUF who was handling the matters has since expired on 17.04.2014 and being a family run business, the challenges in transition of the business affairs to the next generation and in attending to the various proceedings cannot be ruled out. As highlighted by the ld AR, we find that there are various entries in the loose excel sheets in the form of cash deposits, partner drawings, repayment of loan and entries relating to double counting which prima facie are not in the nature of expenditure on construction of the hotel and thus cannot be considered as unexplained investment u/s 69B - There are submissions filed by the assessee before DDIT (Inv-II), Jaipur explaining the source of such investment in the hotel which has also not been considered by the Assessing officer. We set aside the matter relating to undisclosed investment in construction of Hotel premises u/s 69B of the Act to the file of the Assessing Officer to examine the same afresh as per law without getting influenced by our prima facie observations as noted above.- Appeal of assessee are partly allowed for statistical purposes.
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