Loading judgment…
Facts
The assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals) concerning Assessment Year 2016-17. The case was selected for limited scrutiny due to a large investment in property compared to total income. The assessee acquired an immovable property for Rs. 1,57,32,000/- and claimed a hand loan of Rs. 1,20,00,000/- for the payment.
Held
The Tribunal held that the sale deed was registered without proper payment of sale consideration to the vendor. The discrepancy in the dates of the cheques and the sale deed registration further indicated issues with the transaction. Consequently, the revenue authorities rightly concluded that the assessee made the investment through unexplained sources.
Key Issues
Whether the addition made by the Assessing Officer under section 69 of the Act for unexplained investment in the purchase of immovable property is justified.
Sections Cited
69, 115BBE, 143(3), 143(2)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, VISAKHAPATNAM “DIVISION” BENCH, VISAKHAPATNAM
Before: SHRI LALIET KUMAR, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE
आदेशकीप्रनतनलनपअग्रेनर्त/ Copy of the order forwarded to:-
1. 1. निर्धाररती/ The Assessee : Golagani Sreenivas D.No. 18-97 Old Diary Farm, Pedagadili Visakhapatnam – 530040 Andhra Pradesh 2. रधजस्व/ The Revenue : Income Tax Officer – Ward-5(1) Income Tax office Direct Taxes Building MVP Colony Visakhapatnam – 530017 Andhra Pradesh 3. The Principal Commissioner of Income Tax नवभधगीयप्रनतनिनर्, आयकरअपीलीयअनर्करण, नवशधखधपटणम /DR,ITAT, Visakhapatnam 4.
5. The Commissioner of Income Tax 6. गधर्ाफ़धईल / Guard file //True Copy// आदेशधिुसधर / BY ORDER
Sr. Private Secretary ITAT, Visakhapatnam
Page. No 6