Assessee, a non-resident, purchased immovable property and paid sale consideration and also furnished bank account statement. Assessing Officer recorded that assessee did not submit any relevant verifiable source for investment made towards acquisition of property. Addition is made as unexplained investment. DRP affirmed the addition. On appeal the Tribunal admitted the additional evidence and remanded back to Assessing Officer. (AY. 2015-16)
Narasimha Rao Venkata Lakshmi Nandury. v. ITO (IT) (2023) 201 ITD 534 (Hyd) (Trib.)
S. 69A : Unexplained money-Investment in acquisition of immoveable property-Additional evidence is filed-Matter remanded to Assessing Officer. [S.254(1)]