Shekhar Bathwal vs. Income Tax Officer, Ward-3(2), Ranchi

Parties Involved

Facts Summary

Shekhar Bathwal, an individual deriving income from business, capital gain, and other sources, filed his return declaring total income at ₹9,18,390/- for Assessment Year 2013-14. The Assessing Officer (AO) passed an order under section 143(3)/147 of the Income Tax Act, 1961, making an addition of ₹9,25,000/-. The AO found that the assessee had purchased an immovable property for ₹12,25,000/- jointly with Shri Mitesh Kumar Drolia on 12/15/2012. The AO noticed that the total consideration price paid by Shekhar Bathwal and Mitesh Kumar Drolia for the property was ₹30,50,000/-, not ₹12,25,000/- as appearing in the deed. The AO added ₹9,25,000/- as unexplained investment of the assessee. The Commissioner of Income Tax (Appeals) confirmed the action of the AO. The assessee filed an appeal against the addition made by the AO. The sole issue in the appeal was against the addition made by the AO on account of unexplained investment of the assessee towards the purchase of the immovable property.…

Legal Issues

• 1. The sole issue involved in this appeal is against the action of the Commissioner of Income Tax (Appeals) confirming the addition made by the Assessing Officer on account of unexplained investment of the assessee towards the purchase of an immovable property.

Judgment Outcome

Decided in favour of Assessee.

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