https://www.taxtmi.com/caselaws?id=445393 ITAT Pune upheld addition under section 69 for unexplained investment in plot purchase. Survey at developer's premises revealed on-money payments by various purchasers including assessee. Other plot buyers disclosed similar payments under Income Declaration Scheme 2016. Tribunal rejected assessee's argument that addition should be made in subsequent year when sale deed was registered, holding that section 69 applies in the year of making unrecorded investment, not when transaction completes. Addition of Rs. 37 lakh on-money payment was confirmed as assessee failed to provide satisfactory explanation and amount was not recorded in books. Appeal dismissed. en-us Thu, 02 Nov 2023 00:00:00 +0530 Tue, 07 Nov 2023 08:54:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445393 ITAT Pune upheld addition under section 69 for unexplained investment in plot purchase. Survey at developer's premises revealed on-money payments by various purchasers including assessee. Other plot buyers disclosed similar payments under Income Declaration Scheme 2016. Tribunal rejected assessee's argument that addition should be made in subsequent year when sale deed was registered, holding that section 69 applies in the year of making unrecorded investment, not when transaction completes. Addition of Rs. 37 lakh on-money payment was confirmed as assessee failed to provide satisfactory explanation and amount was not recorded in books. Appeal dismissed. Case-Laws Income Tax Thu, 02 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445393