Validity of reopening of assessment - Addition u/s 69 for ...

Assessment reopened for undisclosed jewellery purchase. Assessee failed to prove legitimacy. Onus on appellant to show credibility. Property income taxed.

Case Laws Income Tax

August 8, 2024

Validity of reopening of assessment - Addition u/s 69 for purchase of jewellery as undisclosed investments. Assessee had substantial transactions but did not file income return. Failed to substantiate jewellery purchase with credible evidence. Onus on appellant to prove genuineness, creditworthiness, and identity not adequately discharged. Bill in assessee's name. Property purchased jointly, no evidence of beneficiary or income. Assessee deemed first owner with beneficial ownership. TDS deducted implies 50% share. Income from property considered u/s 56(2) due to lack of consideration. Dismissed appellant's arguments. ITAT affirmed CIT(A) decision.

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Validity of reopening of assessment - Addition u/s 69 for ...

Assessment reopened for undisclosed jewellery purchase. Assessee failed to prove legitimacy. Onus on appellant to show credibility. Property income taxed.

Case Laws Income Tax

August 8, 2024

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