Unexplained investment u/s. 69B of the Income Tax Act

Last updated: 07 September 2021
Quick Summary
The Income Tax Appellate Tribunal allowed an appeal by M/s. Chinmay Agricultural Housing, overturning an addition of Rs. 1,27,44,095 made under Section 69B for unexplained investment. The Tribunal found that the mistake was not in the assessee's financial statements but in the tax audit report, which had incorrectly stated the opening balance of the partner's capital account. A reconciliation statement and an affidavit from the tax auditor supported this finding.

Court :
ITAT Mumbai

Brief :
This appeal in ITA No.6253/Mum/2017 for A.Y.2012-13 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-33, Mumbai in appeal No.CIT(A)-33/Rg.21/81/2015-16 dated 06/07/2017 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961.

Citation :
ITA No.6253/Mum/2017

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