Addition of undisclosed investment u/s 69 cannot be made purely on possibility of higher payment on the basis of comparables of higher market value.

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Last updated: 22 January 2021
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The Income Tax Appellate Tribunal has ruled that an addition of undisclosed investment under section 69 cannot be made solely based on the possibility of a higher payment suggested by comparable properties with higher market values. This decision clarifies that mere speculation or potential for higher gains is insufficient grounds for such tax assessments. The ruling addresses several appeals related to undisclosed income, capital gains, and loans.

Court :
ITAT Mumbai

Brief :
These are appeals by the various assessees belonging to the same group and one appeal by the revenue against respective orders of learned Commissioner of Income Tax (Appeals) [in short learned CIT(A)] for the concerned assessment years.

Citation :
I.T.A. No. 6519/Mum/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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