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Income Tax - Highlights / Catch Notes

Home Highlights May 2021 Year 2021 This

Undisclosed investment - Addition u/s 69 - We observe that the ...

Income Tax

May 22, 2021

Undisclosed investment - Addition u/s 69 - We observe that the AO failed to discharge his duty by making the addition without undertaking any independent enquiry as to whether the property belonged to assessee or M/s SMV Agencies, he could have made an enquiry to establish that who is the owner of the land. He could have further enquired with the vendors regarding sale consideration. He failed to do so. - Additions deleted - AT

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