https://www.taxtmi.com/caselaws?id=762672 ITAT Delhi held that the AO validly formed reason to believe (not mere suspicion) for issuing notice u/s 148 based on tangible material showing assessee's investment in property not commensurate with declared income. The PCIT's approval u/s 151(2) was properly granted after careful consideration, not mechanically. However, the addition u/s 69 for unexplained investment was deleted as the assessee adequately explained the source of his share in the property purchase, while issues regarding spouse's loan and jewelry sale required separate examination. en-us Tue, 03 Dec 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762672 ITAT Delhi held that the AO validly formed reason to believe (not mere suspicion) for issuing notice u/s 148 based on tangible material showing assessee's investment in property not commensurate with declared income. The PCIT's approval u/s 151(2) was properly granted after careful consideration, not mechanically. However, the addition u/s 69 for unexplained investment was deleted as the assessee adequately explained the source of his share in the property purchase, while issues regarding spouse's loan and jewelry sale required separate examination. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762672