https://www.taxtmi.com/caselaws?id=446813 ITAT Mumbai held that reopening of assessment for A.Y. 2011-12 under section 69A was invalid and unsustainable. The assessee purchased property from one entity through banking channels at consideration of Rs. 9,92,00,000/-, proving payment through bank statements and ledger accounts. The reopening was based on search at a different entity and statement under section 132(4), which had no connection to assessee's transaction. Since no property was purchased by assessee in A.Y. 2011-12, the addition was deleted and appeal was allowed. en-us Fri, 24 Nov 2023 00:00:00 +0530 Tue, 12 Dec 2023 09:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446813 ITAT Mumbai held that reopening of assessment for A.Y. 2011-12 under section 69A was invalid and unsustainable. The assessee purchased property from one entity through banking channels at consideration of Rs. 9,92,00,000/-, proving payment through bank statements and ledger accounts. The reopening was based on search at a different entity and statement under section 132(4), which had no connection to assessee's transaction. Since no property was purchased by assessee in A.Y. 2011-12, the addition was deleted and appeal was allowed. Case-Laws Income Tax Fri, 24 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446813