Addition u/s 69 - assessee has made investment in the property - ...

Tax Authority's Investigation Lapses: Section 69 Property Investment Addition Challenged, Revenue Denied Further Inquiry Opportunity.

May 31, 2022

Case Laws     Income Tax     AT

Addition u/s 69 - assessee has made investment in the property - Proof of source of investment - As merely in the absence of sales bills, expenditure details etc., the income in the hands of the family members of the assessee cannot be rejected. Likewise, the certificates issued by the gram panchayat have been rejected by the learned CIT (A) merely by assuming them as afterthought - The revenue being a tax authority having a lot of resources in terms of manpower and judicial powers under the provisions of Act but failed to exercise them. Thus the Revenue shall not be given another opportunity for conducting necessary enquiries. - Tri

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