Unexplained investment discrepancy ruled in favor of assessee by appellate tribunal. No proof of payment, addition not justified.

Unexplained investment discrepancy ruled in favor of assessee by appellate tribunal. No proof of payment, addition not justified. https://www.taxtmi.com/highlights?id=78745 The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of actual payment to vendors. Section 69 requires actual investment, not just stamp value. The lower authorities erred in making the addition, which is not taxable for a partnership firm u/s 56(2)(x) for the relevant assessment year. The decision favored the assessee, and the appeal was allowed. en-us Sat, 22 Jun 2024 08:37:07 +0530 Sat, 22 Jun 2024 08:37:07 +0530 TaxTMI RSS Generator Unexplained investment discrepancy ruled in favor of assessee by appellate tribunal. No proof of payment, addition not justified. https://www.taxtmi.com/highlights?id=78745 The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of actual payment to vendors. Section 69 requires actual investment, not just stamp value. The lower authorities erred in making the addition, which is not taxable for a partnership firm u/s 56(2)(x) for the relevant assessment year. The decision favored the assessee, and the appeal was allowed. Highlights Income Tax Sat, 22 Jun 2024 08:37:07 +0530 https://www.taxtmi.com/highlights?id=78745