Answers On Topic: section 69
Dear Sir AO has made addition u/s 69 of the I T Act for cash payment to builder based on material collected from the premises of the builder despite the fact assessee denied any such payment in cash also the builder has given in writing to the assessee confirming that no payment has been received in any mode other than two transactions showing in the letter which were made through Bank. Can you provide us the list of cases which were decided in favour of assessee.
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Sir, One of the it person new residential house construction estimate Value rs:1.50 crores Funds from bank loans rs:1 crores. Different persons each one @19,000/- total amount rs:50 lacs received for construction purpose Question: Assessess un secured loans huge rs:50 lacs amount received from different persons sec 68,69 provision applicable for it act.
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ADDITION U/S 69 ALLEGATION FOR CASH PAYMENT TO BUILDER