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Cancelled Property Deal Cannot Trigger Section 69 Addition: ITAT Deletes ₹4.96 Lakh Unexplained Investment Addition
Case Law Details
- Case Name
- Prashantkumar Ashokbhai Buwa Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Ahmedabad
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Prashantkumar Ashokbhai Buwa Vs ITO (ITAT Ahmedabad)
Cancelled Property Deal Cannot Trigger Section 69 Addition: ITAT Deletes ₹4.96 Lakh Unexplained Investment Addition
The Ahmedabad ITAT deleted addition of ₹4.96 lakh made under Section 69 read with Section 115BBE in relation to a cancelled property booking transaction, holding that the assessee had satisfactorily explained the source of payments and demonstrated that the deal itself was eventually cancelled.
The reassessment was initiated after survey proceedings conducted in the case of Samanvay Group allegedly revealed...
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