INCOME TAX ACT, 1961

Section 69

Income from undisclosed sources - Addition under section 69 - Unexplained income out of undisclosed sources - Assessee failed to provide any detail and document, despite being given ample opportunities

Assessee sold out an immovable property. However, the assessee even though given ample opportunities did not submit any detail of the sale proceeds, therefore the entire amount of the sale proceeds was treated as unexplained income of the assessee. Assessee contended that the entire sale proceeds could not be considered as the income, as there must be cost of the immovable property sold. Held: Since assessee, even though given ample opportunities, could not file any detail and document to justify that alleged amount was received on account of sale of an immovable property; in absence of any corroborative evidence, the AO was justified in treating such amount as unexplained income out of undisclosed sources.

REFERRED :

FAVOUR : Against the assessee.

A.Y. : 2010-11

INCOME TAX ACT, 1961

Section 69

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