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2017 (7) TMI 653 - ITAT CHANDIGARHAddition u/s 68 - unexplained cash deposits - Held that:- Facts and material on record clearly support the explanation of the assessee that assessee genuinely entered into agreement to sell dated 08.05.2008 and received advance of ₹ 31 lacs through the agreement and agreement was witnessed by Shri Sandeep Uppal, property dealer who has confirmed the entire transaction in his statement recorded by Assessing Officer at appellate stage. There is no dispute that assessee is owner of the property. The receipts of receiving advance money and refunding part of the amount have been placed on record. Therefore, assessee is able to prove that assessee has received the amount of ₹ 31 lacs on account of advance received for sale of property. The objections of the Assessing Officer have, therefore, been met and as such, there was no justification for the authorities below to make and confirm the addition of ₹ 31 lacs. Therefore, set aside the orders of authorities below and delete the entire addition. - Decided in favour of assessee.
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