Answers On Topic: cash paid to builder
The Assessee paid 3.69 lakhs as cash to builder for acquiring flat. Since he was a salaried employee no balance sheet was prepared while filing return of income. The assessee submitted that the cash was paid out of drawings from the bank and provided bank statement showing the cash withdrawals. However the A O made addition as per provision of section 69 stating it is a clear cut case of unexplained investment. Now the assessee is in appeal against the order.Any guidance or case laws for deletion of the addition.
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