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Judgment
This assessee’s appe al for Assessment Year 2022-23, arises against the NFAC, De lhi DIN & o rder No. ITBA/NFAC/S/250/ 2025-26/1078911955( 1) dated 25.07.2025, in proceedings u/s 143(3) r.w.s . 144B of the Income Tax Act, 1961 (in short “the Act”) .
Heard bo th the parties at length. Case file pe rused.
It is notice d at the outset that the assessee/ appe llant is aggr ie ved against both the learned lowe r authorities’ respective findings adding an amo unt o f Rs. 16 lacs as his undisclosed investments; in assessment o rder dated 25.03.2024 and upheld in the lo wer appellate discussion.
That be ing the case, the tribunal hereby no tices that the re is no dispute that bo th the assessee and his brother Sh. Sandeep Jaggi; had jointly purchased an immo vable pro perty on 12.08.2021 for an amount of R s. 32 lacs out of which 50% amount; coming to R s. 16 lacs, for ms subject matter of the impugne d additio n.
Learned counse l invites the tribunal’s attention to page 45 where in the sale deed indicates that the impugne d entire payment(s) totaling to Rs.32 lacs had been made on fo ur instances; invo lving varying sums, through banking channe l only. It is further made clear that this is not the Re venue’s case that the assessee had not explained source of the said bank de pos its treated as the purchase money which have been treated as his unexplained investments. I thus, find no mer it in the impugned addition of Rs. 16 lacs which stands de leted in very terms. Ordered accordingly.
This assessee’s appeal is allo wed.