https://www.taxtmi.com/caselaws?id=456707 The ITAT Ahmedabad ruled in favor of the assessee in a case involving reopening of assessment under section 147 for unexplained investment under section 69. The Department alleged the assessee made cash payments for booking a unit in Iskon Platinum but failed to provide concrete evidence. The tribunal found no documents specifically mentioning the assessee's name, no handwriting evidence, no allotment letter, and noted that advance payments made by cheque were returned. Relying on Kaushik Nanubhai Majithia precedent, the ITAT held the additions were unsustainable due to lack of corroborative evidence. en-us Tue, 30 Apr 2024 00:00:00 +0530 Fri, 09 Aug 2024 10:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456707 The ITAT Ahmedabad ruled in favor of the assessee in a case involving reopening of assessment under section 147 for unexplained investment under section 69. The Department alleged the assessee made cash payments for booking a unit in Iskon Platinum but failed to provide concrete evidence. The tribunal found no documents specifically mentioning the assessee's name, no handwriting evidence, no allotment letter, and noted that advance payments made by cheque were returned. Relying on Kaushik Nanubhai Majithia precedent, the ITAT held the additions were unsustainable due to lack of corroborative evidence. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456707