We've upgraded AI Search on TaxTMI with two powerful modes:
1. Basic • Quick overview summary answering your query with references• Category-wise results to explore all relevant documents on TaxTMI
2. Advanced • Includes everything in Basic • Detailed report covering: - Overview Summary - Governing Provisions [Acts, Notifications, Circulars] - Relevant Case Laws - Tariff / Classification / HSN - Expert views from TaxTMI - Practical Guidance with immediate steps and dispute strategy
• Also highlights how each document is relevant to your query, helping you quickly understand key insights without reading the full text.Help Us Improve - by giving the rating with each AI Result:
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Addition under section 69 for unexplained investment deleted where registered sale deed showed Rs 30,00,000 and no contrary proof</h1> ITAT Delhi deleted an addition under s.69 for unexplained investment where the assessee produced a registered sale deed showing sale consideration of ... Addition u/s 69 - unexplained investment - Assessee purchased an immovable property for the sale consideration of Rs. 1,23,00,000/- and received interest on security of Rs. 19,063/- but not filed income tax return - HELD THAT:- It is the specific case of the Assessee that the Assessee has purchased the property bearing for Rs. 30,00,000/- whereas the circle rate of the property was Rs. 29,82,194/- and the Assessee denied to have purchased the property for Rs. 1,23,00,000/-. To substantiate the said claim, Assessee produced the registered sale deed before the authorities below and also before us, wherein the sale consideration has been mentioned as Rs. 30,00,000/- and the said sale consideration is more than the prevailing circle rate at that point of time. There is no material brought on record by the Department to show that the actual sale transaction or the property has been registered for Rs. 1,23,00,000/-. Therefore, the impugned addition has been made without any basis and the findings of the A.O. is contrary to the material on record such as registered sale deed itself. We find no reason to sustain the addition made by the A.O. accordingly, the addition made by the A.O. in the impugned final assessment order is hereby deleted. Appeal against Final Assessment Order dated 27/01/2025 passed u/s 143(3) read with Section 147 r.w. Section 144C(13) of the Income Tax Act for AY 2016-17, arising from reopening under s.147 on belief that income had escaped assessment. Revenue relied on NMS data indicating purchase of immovable property for 'Rs. 1,23,00,000/-' and interest income, and AO made an addition of 'Rs. 1,23,00,000/-' as unexplained investment u/s 69. Assessee produced the registered sale deed showing sale consideration of Rs. 30,00,000/-, which exceeded the circle rate of Rs. 29,82,194/-, and denied any transaction for Rs. 1,23,00,000/-. Revenue produced no material to show registration or actual transaction at Rs. 1,23,00,000/-. Tribunal found the addition to be made 'without any basis' and contrary to material on record (registered sale deed), held that AO's finding was unsustainable and deleted the addition of Rs. 1,23,00,000/-.
TaxTMI 
• Category-wise results to explore all relevant documents on TaxTMI
Help Us Improve - by giving the rating with each AI Result:
TaxTMI 
TaxTMI 
