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No addition u/s 69 for advances received against booking of flats by treating it as unexplained expenditure
Case Law Details
- Case Name
- Anil Kumar Paik Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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Anil Kumar Paik Vs DCIT (ITAT Kolkata)
Conclusion: Advances received against booking of flats were not an unexplained investment under section 69 as there was no mechanism under the Act to make the addition for the excess of fair market value over the purchase consideration paid for purchase of immovable property before 01/04/2017 and assessee had duly disclosed the transactions as consideration had been paid through banking channel thus, no addition to be made.
Held: Assessee-individual was carrying out various types of business including property development, liquor shop, medicine shop and r...
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