https://www.taxtmi.com/caselaws?id=425744 The Tribunal condoned the delay in filing the appeal due to valid reasons, allowed the appeal, and adjudicated on merits. It found the investment in land was from the assessee's own savings, not unexplained, overturning the AO's decision. The Tribunal accepted that the investment in immovable property was from the assessee's salary income and savings from previous years. The appeal was allowed as the Ld. CIT(A) dismissed it without considering the merits, emphasizing the incorrect assumption by the AO regarding the availability of cash balances from salary income. en-us Wed, 27 Jul 2022 00:00:00 +0530 Sat, 30 Jul 2022 08:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425744 The Tribunal condoned the delay in filing the appeal due to valid reasons, allowed the appeal, and adjudicated on merits. It found the investment in land was from the assessee's own savings, not unexplained, overturning the AO's decision. The Tribunal accepted that the investment in immovable property was from the assessee's salary income and savings from previous years. The appeal was allowed as the Ld. CIT(A) dismissed it without considering the merits, emphasizing the incorrect assumption by the AO regarding the availability of cash balances from salary income. Case-Laws Income Tax Wed, 27 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425744