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.24.5 lacs per acre for a total consideration of Rs.3,01,96,250/-. AO had brought the difference amount to tax as unaccou...