https://www.taxtmi.com/caselaws?id=754379 The ITAT Pune overturned the addition under section 69 of the Income Tax Act, ruling that the assessee's unrecorded investment of Rs. 51,20,000 was not substantiated by evidence of actual payment. The ITAT clarified that section 69 applies to actual investments, not discrepancies in stamp duty valuation. Additionally, the ITAT determined that section 56(2)(x) was not applicable to partnership firms for the assessment year 2016-17, as it was effective from 01.04.2017. Consequently, the ITAT allowed the assessee's appeal, invalidating the tax additions under both sections. en-us Wed, 19 Jun 2024 00:00:00 +0530 Sat, 22 Jun 2024 08:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754379 The ITAT Pune overturned the addition under section 69 of the Income Tax Act, ruling that the assessee's unrecorded investment of Rs. 51,20,000 was not substantiated by evidence of actual payment. The ITAT clarified that section 69 applies to actual investments, not discrepancies in stamp duty valuation. Additionally, the ITAT determined that section 56(2)(x) was not applicable to partnership firms for the assessment year 2016-17, as it was effective from 01.04.2017. Consequently, the ITAT allowed the assessee's appeal, invalidating the tax additions under both sections. Case-Laws Income Tax Wed, 19 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754379