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Income Tax - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

Additions made u/s 69 towards the source of purchase of land - ...


Section 69: Assessee Proves Fund Sources for Land Purchase, Meets Burden of Proof Requirements Successfully.

February 6, 2021

Case Laws     Income Tax     AT

Additions made u/s 69 towards the source of purchase of land - On merits, we find that once the summons have been issued and these persons have appeared and given their statements before the AO wherein they have confirmed that they have advanced the amount to the assessee towards purchase of the agricultural land and has also disclosed the source of their earnings/savings, the assessee has discharged the necessary onus cast on her in terms of identity, creditworthiness and genuineness of the transactions - AT

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