No section 69 addition in directors’ hand for mere use of his PAN by Company

ITO Vs Bhavin Mukeshbhai Pate (ITAT Ahmedabad) AO has made addition of 50% of the total value of the land as the appellant has not been able to explain the source of payment made in respect of purchase of land. However, it appears from the detailed submissions made by the assessee supported by the sufficient documents, particularly, the cash book of the company, namely, Iscon Proton Pvt. Ltd. showing the source of investment made for such purchase of land situated at Ambapur, Gandhinagar, with another company, namely, Chehar Realty Pvt. Ltd., which establishes the fact of purchase of land by b...