Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 543 - AT - Income TaxAddition u/s 69 - Unexplained investment - argument taken up by the assessee is that he is not the owner of the properties and in respect of 11 properties he is only a confirming party - HELD THAT:- We observe that the Assessing Officer in the absence of supporting material produced before by the assessee (despite several opportunities being granted to the assessee) made additio on estimated basis by considering 1/10th of the total consideration of 14 properties as unexplained investments u/s. 69 of the Act in the hands of the assessee. From the above facts, it is however not very clear as to whether the assessee was a confirming party in respect of 14 properties referred to the AO and also what was the precise investment in the aforesaid properties made by the assessee and consequently the amount that may be taxed in the hands of the assessee. In view of the above facts, in the interest of justice, we are restoring the matter back to the AO in order to ascertain from the facts whether the assessee is only a confirming party in respect of the aforesaid transaction of investment in 14 properties or whether he is a owner in respect of such properties, the precise investment made by the assessee in the aforesaid properties and also to verify whether the source of such investment has been duly explained by the assessee. In the result, the matter is being restored to the file of Assessing Officer with the above directions. Appeal of the assessee is allowed for statistical purposes.
|