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2017 (10) TMI 422 - ITAT AMRITSAR
Addition u/s 69B - unexplained investment - purchase of land unexplained - additions based on agreement - Held that:- Section 69B cannot be invoked on the assumption that there was understatement of the investment, without a finding that the assessee invested more than what was recorded in the books of account. No action is called for in a case of transaction consequential to the transaction mentioned in the agreement seized. There is no evidence of unaccounted investment by the assessee. See Sh. Kulwinder Singh and M/s Harman Builders Pvt. Ltd. [2016 (8) TMI 1282 - ITAT AMRITSAR]