M/s. Sumukha Holdings Vs. The Assistant Commissioner of Income Tax
Case No: ITA No. 797/Bang/2024
Court: INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE
Date: 1/6/2025
Parties Involved
appellantM/s. Sumukha Holdings
respondentThe Assistant Commissioner of Income Tax
Facts Summary
The assessee, M/s. Sumukha Holdings, filed a return of income claiming a loss of Rs. 9,40,050/-. The case was selected for scrutiny, and the Assessing Officer (AO) found that the assessee had purportedly invested Rs. 4,42,71,506/- in a property. The AO issued a show cause notice, and the assessee replied, explaining that the property was government land and the sale deed was void ab initio. The assessee argued that no actual payment was made, and the cheques issued were not encashed. The AO, how…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 4,42,71,506/- as unexplained investment under section 69 of the Act is justified.
- 2. Whether the provisions of section 69 of the Act are applicable in the instant case.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
3 precedents cited in this judgement.