SHRI SUBASH GUPTA,JAMMU vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, JAMMU

In the result, the appeal of the assessee is allowed

Bench: Dr. M. L. Meena & Sh. Udayan Dasgupta

1,81,17,500/-for the purchase of property from M3M India Pvt. Ltd., reflected in Form 26AS. Despite multiple opportunities, the appellant failed to provide satisfactory explanations regarding the source of this investment. The AO, relying on the available material and in the absence of a credible explanation, invoked Section 69, treating the investment as unexplained and assessed