https://www.taxtmi.com/caselaws?id=751553 ITAT Ahmedabad allowed the appeal, deleting the addition made under section 69. The assessee purchased land through registered sale deed but paid consideration later due to disputes. AO and CIT(A) made addition solely because payment wasn't disclosed at time of purchase. ITAT held that section 69 applies only when actual expenditure is incurred and source unexplained. Since no evidence showed cash expenditure was actually incurred for land purchase, and delayed payment had justifiable reasons, the deeming provisions couldn't apply. Addition deleted in assessee's favor. en-us Wed, 14 Feb 2024 00:00:00 +0530 Thu, 18 Apr 2024 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751553 ITAT Ahmedabad allowed the appeal, deleting the addition made under section 69. The assessee purchased land through registered sale deed but paid consideration later due to disputes. AO and CIT(A) made addition solely because payment wasn't disclosed at time of purchase. ITAT held that section 69 applies only when actual expenditure is incurred and source unexplained. Since no evidence showed cash expenditure was actually incurred for land purchase, and delayed payment had justifiable reasons, the deeming provisions couldn't apply. Addition deleted in assessee's favor. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751553