https://www.taxtmi.com/caselaws?id=435331 The Tribunal dismissed the revenue's appeal against the ld. Commissioner of Income Tax (Appeals) order for A.Y. 2007-08, upholding the dismissal of Rs. 3,40,00,000 addition under section 69 of the Act for unexplained property investment. The Tribunal accepted the appellant's explanation that original agreements were cancelled due to sellers' failure to obtain permissions, leading to reduced purchase prices, supported by affidavits and balance sheets. The Tribunal found the cancellation valid and upheld the ld. CIT(A)'s decision, rejecting the revenue's challenge. en-us Wed, 15 Mar 2023 00:00:00 +0530 Fri, 17 Mar 2023 08:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435331 The Tribunal dismissed the revenue's appeal against the ld. Commissioner of Income Tax (Appeals) order for A.Y. 2007-08, upholding the dismissal of Rs. 3,40,00,000 addition under section 69 of the Act for unexplained property investment. The Tribunal accepted the appellant's explanation that original agreements were cancelled due to sellers' failure to obtain permissions, leading to reduced purchase prices, supported by affidavits and balance sheets. The Tribunal found the cancellation valid and upheld the ld. CIT(A)'s decision, rejecting the revenue's challenge. Case-Laws Income Tax Wed, 15 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435331