House Construction Out of Declared Cannot be Taxed Again: ITAT Delhi

Jai Prakash Virmani Vs DCIT/ACIT (ITAT Delhi) ITAT Delhi Holds Additional Income Applied Towards House Construction Cannot be Taxed Again as Unexplained Investment – Section 69 & 115BBE Not Applicable A survey u/s 133A was conducted at Assessee’s business premises on 23.01.2019. Loose papers indicating cash withdrawals & expenditure on construction of house were impounded. Assessee, in survey statement, offered additional income of Rs.1.28 crore. Later, by letter dated 20.01.2020, he partially retracted. AO, in scrutiny, treated Rs.17,66,380/- as unexplained investment in construct...