https://www.taxtmi.com/caselaws?id=446156 The ITAT Chennai set aside additions made by the AO under section 69B for unexplained investment regarding additional consideration paid for property purchase. The tribunal found that the additional consideration was paid in the assessment year 2013-14 to resolve a property dispute, not during the original sale deed execution. The appellant company had adequately established the source of payment through sworn statements and confirmations. The AO's reliance on isolated statements from the seller company's directors was deemed insufficient without complete evidence. The CIT(A)'s order sustaining the addition was reversed, and the AO was directed to delete the unexplained investment addition. en-us Wed, 01 Nov 2023 00:00:00 +0530 Mon, 27 Nov 2023 07:15:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446156 The ITAT Chennai set aside additions made by the AO under section 69B for unexplained investment regarding additional consideration paid for property purchase. The tribunal found that the additional consideration was paid in the assessment year 2013-14 to resolve a property dispute, not during the original sale deed execution. The appellant company had adequately established the source of payment through sworn statements and confirmations. The AO's reliance on isolated statements from the seller company's directors was deemed insufficient without complete evidence. The CIT(A)'s order sustaining the addition was reversed, and the AO was directed to delete the unexplained investment addition. Case-Laws Income Tax Wed, 01 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446156