Tribunal Rules No Unaccounted Investment in Property Purchase; Insufficient Evidence for Cash Transactions.

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....Addition u/s 69 - The dispute arose from the purchase of immovable properties by the assessee, where the payment was made through cheques but not disclosed in the books. The Revenue contended that the sale deed was executed without encashing the cheques, indicating unaccounted investment. However, the Appellate Tribunal, after thorough scrutiny of the facts and submissions, ruled in favor of the assessee. It highlighted the absence of evidence supporting cash transactions and the justifiable reasons for the delayed payment. Citing legal precedents, the Tribunal concluded that section 69 couldn't be invoked without evidence of actual expenditure and unexplained sources. Consequently, it directed the deletion of the addition.....