Section Addition needs to be allocated between joint beneficial owners: ITAT Raipur

Prem Singh Saluja Vs ITO (ITAT Raipur)

ITAT Raipur held that entire addition of transaction in the hands of assessee under section 69 of the Income Tax Act as unexplained investment not tenable since the same needs to be allocated between joint beneficial owners. Thus, matter restore back to file of AO.

Facts- The assessee is an individual, engaged in the business of Transporting. As per information, it is revealed that the assessee had purchased immovable property valued at 51,88,101/- (Fair Market Value at Rs. 79,44,000/-) in FY 2010-11. It is further note

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