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Income Tax - Highlights / Catch Notes

Home Highlights August 2020 Year 2020 This

Unexplained deposits - Genuineness of earnest money received ...

Income Tax

August 6, 2020

Unexplained deposits - Genuineness of earnest money received against sale of agriculture land - Time lag of 11 months for getting the sale deed registered after the date of agreement to sale - What is normal for a person today may vary from what is contemplated to be normal in another day and time. So for the tax authorities to conclude that three months’ time lag was a normal time, no facts or reasoning has been brought on record. - AT

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