2026 (6) TMI 212

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....- on account of unexplained investment under section 69 r.w.s. 115BBE of the Income Tax Act, 1961. 2. That the CIT(A) failed to appreciate the documentary evidences & explanation filed during appellate proceedings. 3. That the addition is bad in law and liable to be deleted. 4. That the appellant craves leave to add, amend, alter, or withdraw any of the above grounds at the time of hearing." 3. The assessee, Shri Prashantkumar Ashokbhai Buwa (PAN: AOVPB7404A) is an individual, has filed ITR-1 for A.Y. 2019-20 on 31.08.2019 declaring total income of Rs. 2,79,260/-. Thereafter, Assessee filed ITR-3(revised) for the A.Y. 2019-20 on 24.09.2020 declaring total income of Rs. 2,60,960/-. As per information, a survey u....

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....ce amount of Rs. 1,96,875/- (2,21,000 24,125), remained unexplained and was in nature of unexplained investment. During the course of assessment, assessee failed to explain the nature and source of the funds utilized towards payment of Rs. 3,00,000/- in cash and Rs. 2,30,000/- through banking channel. Therefore Rs. 7,26,875/- (Rs. 3,00,000/-+ Rs. 2,30,000/- Rs. 1,96,875/-), remained unexplained as provided under the provisions of section 69 r.w.s. 115 BBE of the Income Tax Act, 1961 and added back to the income of the assessee for the year under consideration. Further, assessee submitted that he wrongly claimed depreciation of Rs. 86,417/-. Therefore, the same was disallowed and added to the income of the assessee for the year under conside....

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....was made based on 'agreement to sale' (extract of conditions are referred on page 6 of the assessment order). As per this agreement to sale, the assessee was supposed to make payment in different instalments as mentioned therein. However, the assessee has paid Rs. 53,550/- only and he never made further payments to the builders. Moreover, the deal of purchase of this unit was also cancelled and a cancellation deed was executed on 08.05.2025. The builder has returned Rs. 11,870/- to the assessee on 06.08.2025, after deduction of taxes & other charges (cheque no. 096616). The assessee has also paid amount of Rs. 2,20,289/-, after deduction of interest, foreclosure charges & outstanding EMI, to HDFC Bank on 10.06.2025. (original loan: ....