No addition for cash payment for property out of cash withdrawals by family members

Gurmeet Kaur Khurana Vs ITO (ITAT Chandigarh) The relevant facts of the case are that the assessee had invested an amount of Rs.6 lacs for immovable property with M/s Bajwa Developers Ltd. The investment was made vide cash payments. The transaction was flagged. It was noticed that no tax return was filed by the assessee. Accordingly, notices etc. were issued to the assessee. In response thereto, a return declaring income of Rs.6,15,659/- was filed by the assessee. The Assessing Officer in the order passed u/s 143(3)/147 held that the assessee failed to explain the same. Accordingly, addition o...