ITAT upheld the addition of unexplained investment, holding that...

ITAT upheld the addition of unexplained investment, holding that the assessee (anonymized) failed to substantiate the source of funds for acquisition of immovable property for A.Y. 2016-17. The Tribunal found the unregistered agreement to sell inconsistent with bank evidence, noting purported receipt of consideration at the agreement date conflicted with actual cheque payments in July 2015, undermining documentary credibility. Further, the existence of an earlier joint development agreement and a supplementary agreement demarcating shares meant the developer lacked a definite sellable area before April 2012, rendering alleged payments prior to that date unverifiable. Consequently the assessee's claim was rejected and the assessment sustained against the assessee.

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