Addition u/s 69 - The dispute arose from the purchase of ...

Tribunal Rules No Unaccounted Investment in Property Purchase; Insufficient Evidence for Cash Transactions.

April 19, 2024

Case Laws Income Tax AT

Addition u/s 69 - The dispute arose from the purchase of immovable properties by the assessee, where the payment was made through cheques but not disclosed in the books. The Revenue contended that the sale deed was executed without encashing the cheques, indicating unaccounted investment. However, the Appellate Tribunal, after thorough scrutiny of the facts and submissions, ruled in favor of the assessee. It highlighted the absence of evidence supporting cash transactions and the justifiable reasons for the delayed payment. Citing legal precedents, the Tribunal concluded that section 69 couldn't be invoked without evidence of actual expenditure and unexplained sources. Consequently, it directed the deletion of the addition.

View Source

← Previous Next →

Addition u/s 69 - The dispute arose from the purchase of ...

Tribunal Rules No Unaccounted Investment in Property Purchase; Insufficient Evidence for Cash Transactions.

April 19, 2024

Case Laws Income Tax AT

You may also like:

ITAT ruled on joint property ownership and tax deduction claims. The tribunal allowed the assessee's claim under Section 54, finding no legal impediment to claiming...

Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

Prohibition of Benami Transactions - Provisional attachment order was confirmed - Who is the beneficial owner of property? - The Tribunal held that while the properties...

ITAT ruled against the addition made under section 69 regarding unexplained investment in Oberoi Reality property. The assessee had provided complete documentation,...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

The ITAT Indore addressed unexplained cash investment for property purchase post search operation. Addition without cross-examination was challenged. The Tribunal...

The ITAT Raipur considered the addition u/s 69 or 56(2)(vii)(b) concerning the variance between guideline rates and actual purchase prices of immovable property. The...

ITAT ruled that the appellant failed to substantiate the genuineness of purchase transactions involving shell companies. Despite presenting bank statements and tax...

Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration...

Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on...

Predicate offence involving meagre disclosed income but substantial investment in properties without proof of legitimate source. Provisional attachment of immovable...

Addition u/s 40A - purchases in cash in excess of ₹ 20,000/ - case of the assessee that all the cash purchase are fully covered under Rule 6DD(e)(ii) of the Income...

The ITAT Jodhpur ruled on additions made based on cash received for termination of a property purchase agreement and business expenses related to disputed agreements....

ITAT upheld CIT(A)'s finding regarding unaccounted sales, dismissing Revenue's appeal. The tribunal determined that a substantial portion of allegedly unaccounted sales...

Unaccounted purchases - unaccounted income of the assessee - it is difficult to accept the arguments of the assessee that income earned out of unaccounted sales is...

Quick Updates: