Addition for Unexplained Investment Without Adequate Inquiry not justified: ITAT Jabalpur

Gomesh Dwivedi Vs ITO (ITAT Jabalpur)

ITAT Jabalpur held that addition towards unexplained investment without making adequate inquiry against co-owner regarding source of consideration for the purchase of agricultural land is not possible. Accordingly, matter restored for de novo consideration.

Facts-

The Department came into possession of information that the assessee had purchased agricultural lands during F.Y. 2011-12 but not shown this transaction in his ITR. Accordingly, proceedings u/s. 147 were initiated by issue of notice under section 148 on

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