https://www.taxtmi.com/caselaws?id=288063 Reassessment relating to unexplained investment in immovable property turned on whether the assessee had satisfactorily proved the source of funds through alleged sale proceeds of ancestral land. Repeated non-compliance, lack of verifiable documents, uncertainty over the assessee's share in the ancestral property, and absence of a registered sale deed meant the explanation required further enquiry on ownership, possession and transferability. The deletion of the addition was therefore not sustained on the existing material, and the matter was restored to the Assessing Officer for fresh verification and a fresh assessment after giving the assessee an opportunity of hearing. en-us Thu, 12 Dec 2019 00:00:00 +0530 Sat, 16 May 2020 10:25:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288063 Reassessment relating to unexplained investment in immovable property turned on whether the assessee had satisfactorily proved the source of funds through alleged sale proceeds of ancestral land. Repeated non-compliance, lack of verifiable documents, uncertainty over the assessee's share in the ancestral property, and absence of a registered sale deed meant the explanation required further enquiry on ownership, possession and transferability. The deletion of the addition was therefore not sustained on the existing material, and the matter was restored to the Assessing Officer for fresh verification and a fresh assessment after giving the assessee an opportunity of hearing. Case-Laws Income Tax Thu, 12 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288063