Treatment of investment on construction of house under section 69C of IT

Last updated: 05 November 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (A) has erred in deleting the addition of ` 15,12,750/- made by the Assessing Officer on account of unexplained investment on construction/ renovation of 1st floor of House u/s. 69C of the Income Tax Act, 1961. The Ld. Commissioner of Income Tax (A) has erred in appreciation following facts and circumstances:- a) It is undisputed fact that the loan from LIC Housing Finance was for the purposes of construction of house which has been confirmed by Sh. R.T. Sharma, Panel Valuer of LIC Housing Finance under statement u/s. 131.

Citation :
Income Tax Officer,Ward-4, Hisar (Appellant) Vs. Smt. Suman Saini, W/o Sh. Vinod Kumar Saini, C/o Sh. S.K. Jain, Advocate,696/8, Ganga Bagh,Hansi-125003, (Haryana)(PAN/GIR NO.: AEZPS6199F)(Respondent)