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| The Tax Publishers2020 TaxPub(DT) 4879 (Hyd-Trib) INCOME TAX ACT, 1961
Section 69
Entire particulars such as, names and address of buyers of the property were available before AO and when it was so, AO ought to have examined all the relevant parties before arriving at any conclusion, however, AO even failed to examine buyers of properties in order to explore veracity of claim of assessee as to amount deposited in bank account out of sale proceeds of property. Accordingly, AO was not justified in making addition under section 69.
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Income from undisclosed sources - Addition under section 69 - Amount deposited in bank account alleged as unexplained - Assessee's case was that deposit was made out of proceeds of land sold by assessee.
AO made addition under the head unexplained investment invoking section 69 being the amount deposited by the assessee in his bank accounts alleging that source was not explained. Assessee's case was that deposit was made out of proceeds of land sold by assessee. Held: Entire particulars such as names and address of buyers of the property were available before AO and when it was so, AO ought to have examined all the relevant parties before arriving at any conclusion, however, AO even failed to examine buyers of properties in order to explore veracity of claim of assessee. Accordingly, AO was not justified in making addition.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2007-08
INCOME TAX ACT, 1961
Section 69C
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