Laljipal Vs. The Income-tax Officer

Parties Involved

Facts Summary

The assessee, Laljipal, filed an appeal against the order of the Commissioner of Income-Tax (Appeals) which upheld an addition made by the Income-tax Officer under section 69 of the Income-tax Act, 1961. The addition was made due to unexplained investment of Rs. 26,00,000/- made towards the purchase of an immovable property. The assessee initially claimed the payment was made by a relative, but later submitted that the payment was made by his private limited company, M/s Himanshu Devbuild Pvt. Ltd. The company provided documentary evidence including bank statements and an audited balance sheet to support its claim. The Income-tax Officer accepted the additional evidence, but the Commissioner of Income-Tax (Appeals) upheld the addition, finding the source of payment unexplained.…

Legal Issues

• 1. Whether the source of payment of Rs. 26,00,000/- made towards the purchase of an immovable property is explained by the assessee.

Judgment Outcome

Decided in favour of Assessee.

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