Addition u/s 69B justified in respect of unaccounted money paid in cash to sellers of land

Vinay Gupta v. ACIT (ITAT Delhi)

Conclusion: Addition under section 69B of unaccounted money invested in purchase of land by assessee by paying in cash to sellers of land was justified as assessee-purchaser had no evidence to controvert the same.

Held:

During the course of search, AO found that assessee had shown purchase of a plot of land at  Rs. 49 lakhs whereas the statements of the sellers and the brokers established the fact that the land was purchased by assessee @ R.24

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