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2023 (7) TMI 502 - AT - Income TaxAdditions u/s 68 - Unexplained cash credit in bank account subsequent to sale deed - HELD THAT:- Once the supplementary / rectification deed is accepted by Sub-Registrar the fact that subsequent payment was part of sale consideration also, the matter ends. So far as sale consideration is concerned, once the sale consideration is accepted as a sale consideration by Sub-Registrar local (Revenue) / Sub-Registrar concerned, it cannot be treated illegal by Income Tax Department, when the assessee right from the very beginning is asserting that credit in his bank account is a part of sale consideration on rural agricultural land. As reiterated that agricultural land is also a rural agricultural land and purchaser party has also accepted this fact, in filing confirmation by way of affidavit as well as in supplementary / rectification deed - Therefore,no justification in treating the credit as unexplained credit. Decided in favour of assessee.
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