Assessee purchased a piece of land jointly with another person.AO added entire sale consideration to assessee’s income under. Tribunal, accepted assessee’s stand that since land had been purchased jointly, he could be asked to explain only 50 per cent of amount paid to seller of land. High Court upheld the order of Tribunal. (AY. 1996-97)
PCIT v. Bhagwanbhai K. Patel. (2019) 108 taxmann.com 60 / 265 Taxman 233 (Guj) (HC) Editorial: SLP of revenue is dismissed PCIT v. Bhagwanbhai K. Patel. (2019) 265 Taxman 232 (SC)
S. 69C : Unexplained expenditure–Purchase of land jointly with another person-Assessee could be asked to explain only 50% of his share and not source of other person who has invested another 50%.