Addition for unexplained investment in residential property justified if no satisfactory explanation by Assessee

Rameshwar Lal Vs DCIT (ITAT Delhi) The Assessee vide order sheet entry dated 18.11.2016 was required to show cause why cash payment amounting to Rs. 5,00,000/- paid in cash to Cosmos Group may not be added to the income as unexplained investment. The assessee vide his submission dated 24.11.2016, stated that he had paid Rs. 5,00,000/- in cash to COSMOS Construction during the FY 2010-11 out of his past savings over the years, and his wife and other family members. In support, neither any supporting document/ evidence nor any bank statement was filed by the assessee. AO observed that the submis...