Section 69 of Income tax Act, 1961— In the instant case, grievance revolves around a single issue viz. the ld.CIT(A) has erred in deleting the addition of Rs. 3,41,29,844/- made by the AO with aid of section 69 of the Income Tax Act on account of unexplained investment made by the assessee in purchase of land.

Held that— we are of the view that in this year, no asset came into existence in the name of the assessee, which requires to be shown in the books of accounts. The ld.AO has simply assumed certain facts, and assumed existence of unexplained asset which requires to be added under section 69 of the Act.

After considering elaborate finding of the ld.CIT(A) on this issue, we do not find any hesitation in concurring with finding of the ld.CIT(A). Therefore, we do not find any merit in this appeal. It is rejected.[ITO, WARD-2 (1) (1) AHMEDABAD. VERSUS M/S. GOPAL SPACE ORG. P. LTD.] [2020] 21 ITCD Online (7) [ITAT AHMEDABAD]