Sec 69 Addition Set Aside for Reconsideration: HC Allows Fresh Evidence on Alleged Unexplained Investment

Crystal Hatcheries Private Limited Vs ACIT (Karnataka High Court) The Karnataka High Court dealt with an addition of ₹45 lakh made under Section 69 (unexplained investment) based on materials found during a search in a third party’s premises (developer). The assessee had earlier failed to satisfactorily explain the nature of the transaction before the authorities and the Tribunal, leading to confirmation of the addition. However, before the High Court, the assessee produced additional documents including sale deeds, ledger accounts, and confirmation of refund from the developer, to establi...