2022 (11) TMI 544 - AT - Income Tax
Unexplained investment in construction of property - HELD THAT:- As all evidences were discarded by the authorities below without making any independent verifications , and on being asked by the Bench, it was submitted by ld. Sr DR that as is emerging from records no such independent verification was done by authorities below.
Even for cash deposited by the assssee in the saving bank account maintained with UBI, it is claimed vide ground number 6 that the same was deposited out of advance received from intended purchaser of the shop and Rs. 18,00,000/- was invested in the construction of shop, thus, prima-facie it appears that double addition is made by the AO , firstly while treating Rs. 18,00,000/- as unexplained investment in the construction of commercial complex and secondly when the said cash was claimed to be deposited in bank and out of it aforesaid Rs. 18,00,000/- claimed to be used for construction of commercial complex, but however these facts require proper verification by authorities below to unravel truth, and the matter is required to be restored to AO for denovo assessment , after making proper verification . Thus, the matter is required to be set aside and restored to the file of the AO for denovo assessment by the AO, after giving proper opportunity of being heard to the assessee. The appeal of the assessee is allowed for statistical purposes