2021 (7) TMI 770 - ITAT DELHI - Income Tax

Head Note / Extract:
Addition on account of unaccounted money was invested by the assessee for purchase of property in J.P. Green, Greater Nodia - entries reflected in the loose papers - HELD THAT:- In the instance case, the property was in the name of elder brother of the assessee namely Shri Pradeep Kumar Gupta and his wife Smt. Seema Gupta, the price of ₹ 5.85 Cores mentioned in allotment letter is more than the amount of ₹ 5.65 crores mentioned in the seized documents and considering the fact that the document found in the premises of the assessee does not relate to him but his brother and his wife and further considering the fact that the entire payment has been made through banking channels by his brother and his wife, therefore, in view of the detailed discussion by the learned CIT(A) while deleting the addition, we do not find any infirmity in the same. Accordingly, the order of the learned CIT(A) is upheld and the ground raised by the Revenue is dismissed.