https://www.taxtmi.com/caselaws?id=757476 The ITAT Bangalore allowed the assessee's appeal and deleted the addition made under section 69A for non-payment of advance tax. The AO had initiated proceedings based on incorrect information from the National e-Assessment Centre, Delhi, which showed the assessee purchased property for Rs. 45 lakhs from a specific vendor. However, the assessee produced evidence proving she purchased a different property for Rs. 31 lakhs and had a legitimate source of funding through a bank loan from Vijaya Bank, Mangalore. The Tribunal found the AO's addition was based on wrong assumptions and facts, making the entire basis for the addition unsustainable. en-us Thu, 22 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757476 The ITAT Bangalore allowed the assessee's appeal and deleted the addition made under section 69A for non-payment of advance tax. The AO had initiated proceedings based on incorrect information from the National e-Assessment Centre, Delhi, which showed the assessee purchased property for Rs. 45 lakhs from a specific vendor. However, the assessee produced evidence proving she purchased a different property for Rs. 31 lakhs and had a legitimate source of funding through a bank loan from Vijaya Bank, Mangalore. The Tribunal found the AO's addition was based on wrong assumptions and facts, making the entire basis for the addition unsustainable. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757476