https://www.taxtmi.com/caselaws?id=442761 The Tribunal upheld the legality of proceedings initiated under section 147 of the Income Tax Act, 1961, finding justification for the assessing officer's actions based on information regarding the purchase of an immovable property. However, the addition of Rs. 12,85,833 under section 69A was deemed unjustified as the assessing officer failed to consider the appellant's explanation that the amount was received as a gift from his father's tree sale. The Tribunal partially allowed the appeal, deleting the addition and criticizing the CIT(A) for overlooking jurisdictional challenges. en-us Tue, 05 Sep 2023 00:00:00 +0530 Sat, 09 Sep 2023 09:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442761 The Tribunal upheld the legality of proceedings initiated under section 147 of the Income Tax Act, 1961, finding justification for the assessing officer's actions based on information regarding the purchase of an immovable property. However, the addition of Rs. 12,85,833 under section 69A was deemed unjustified as the assessing officer failed to consider the appellant's explanation that the amount was received as a gift from his father's tree sale. The Tribunal partially allowed the appeal, deleting the addition and criticizing the CIT(A) for overlooking jurisdictional challenges. Case-Laws Income Tax Tue, 05 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442761