M/s. Vigneswara Enterprises vs. ITO
Parties Involved
Facts Summary
M/s. Vigneswara Enterprises, a firm engaged in real estate development, purchased immovable properties for a total value of Rs.559.99 Lacs. The assessee included a purchase of Rs.21.38 Lacs in the current assessment year, which was actually made in the previous year (AY 2015-16). The Assessing Officer (AO) disallowed this purchase as unexplained expenditure under sections 69C and 115BBE of the Act. The Commissioner of Income Tax (Appeals) confirmed this addition. The assessee appealed, arguing that the purchase was omitted from the books of accounts for the previous year. The Tribunal restored the issue to the AO's file, directing the assessee to substantiate its case.…
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition of Rs.21.38 Lacs under sections 69C and 115BBE of the Act.
Judgment Outcome
Decided in favour of Assessee.
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