Cancelled Property Deal Cannot Trigger Section 69 Addition: ITAT Deletes ₹4.96 Lakh Unexplained Investment Addition

Prashantkumar Ashokbhai Buwa Vs ITO (ITAT Ahmedabad) Cancelled Property Deal Cannot Trigger Section 69 Addition: ITAT Deletes ₹4.96 Lakh Unexplained Investment Addition The Ahmedabad ITAT deleted addition of ₹4.96 lakh made under Section 69 read with Section 115BBE in relation to a cancelled property booking transaction, holding that the assessee had satisfactorily explained the source of payments and demonstrated that the deal itself was eventually cancelled. The reassessment was initiated after survey proceedings conducted in the case of Samanvay Group allegedly revealed cash payment of ...