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of <h1>Appeals favor assessee on unexplained investment deletion & creditworthiness substantiation.</h1> <h3>Commissioner of Income-tax, Faridabad Versus Smt. Shweta Bhuchar</h3> The appeals were disposed of in favor of the assessee-respondent. The Tribunal's decision to delete the amount on account of unexplained investment in ... - Issues involved: The issues involved in this judgment are related to the Income-tax Act, specifically challenging the addition of unexplained investment in property, failure to conduct proper enquiry, and the justification of addition on account of supposed gifts.Addition of unexplained investment in property: The revenue challenged the deletion of Rs. 6,43,800 on account of unexplained investment in property. The Tribunal's decision was based on a previous order related to stamp duty assessment, where it was held that the value adopted for stamp duty cannot be considered as sale consideration. Thus, the Tribunal's decision was upheld, and the first two questions were answered against the revenue.Failure to conduct proper enquiry: The Tribunal's failure to direct the Assessing Officer to make a reference to the Valuation Officer was questioned. However, based on the previous case involving a co-assessee, it was established that the creditworthiness for making gifts was proven through bank statements and transactions. Therefore, the third question was also decided against the revenue in favor of the assessee-respondent.Conclusion: The appeals were disposed of in favor of the assessee-respondent based on the findings related to the unexplained investment in property and the proven creditworthiness for making gifts.
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