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of <h1>Assessee's unexplained investment under s.69C set aside where land received as gift from relative exempt under s.56(2) (2)</h1> <h3>Manjeet Kaur w/o Sh. Surinder Singh Versus Income-tax Officer, Ward-3, Karnal.</h3> Manjeet Kaur w/o Sh. Surinder Singh Versus Income-tax Officer, Ward-3, Karnal. - TMI Appeals concern assessment year 2010-11 against NFAC orders under sections 147 read with 144 and 271(1)(c) of the Income-tax Act, 1961. The tribunal examined whether the assessee made an actual purchase of immovable property valued at Rs. 41.57 lakhs and whether section 69C unexplained investment applied. It was noted 'there is no actual purchase even as per the assessment order; since she had received the land in question from her father-in-law ... by way of gift deed which is otherwise exempt u/s 56(2) of the Act.' Further, 'neither the Assessing Officer nor the CIT(Appeals) have held the assessee to have made any actual investment in purchase deed which could be treated as unexplained investment u/s 69C of the Act.' On that basis the impugned addition under section 69C was reversed and the quantum appeal ITA No. 3015/Del/2024 allowed. Consequential penalty proceedings in ITA No. 3016/Del/2024 were deleted as unsustainable. Order pronounced 09.01.2025.
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