[aaykarbhavan] Sec. 69 additions upheld as assessee failed to show that residential flat was purchased out of his past savings

 

Sec. 69 additions upheld as assessee failed to show that residential flat was purchased out of his past savings

March 25, 2015[2015] 55 taxmann.com 256 (Jodhpur - Trib.)/[2014] 165 TTJ 20 (Jodhpur - Trib.)(UO)

IT : Where assessee's claim regarding land development expenses was rightly allowed by Assessing Officer in original return and there was no material to deviate from earlier findings, ad hoc disallowance was not justified in assessment during search

IT : Where seized sale deed revealed that assessee had purchased a residential plot and there was no evidence to establish that said investment was out of past savings, addition as unexplained investment was justified

IT : Where assessee purchased agricultural land through cash payment of Rs.4.8 lakhs as assesse had not bank account where said land was situated, section 40A(3) could not be invoked to disallow said cash payments

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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