Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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The ITAT Jaipur, in a case involving unexplained money u/s 69A, found that the assessee, a widow running a medical retail store, deposited cash exceeding turnover. The cash was a combination of sales proceeds, loan, and turnover. The assessee, facing health challenges, relied on an accountant for tax filings. The Tribunal admitted additional evidence supporting the assessee's claim, directing the AO to compute cash credits vis-a-vis turnover. The turnover was to be examined based on corroborative evidence, with profit taxed at 8% u/s 44AD due to lack of comparative data. The AO was instructed to verify turnover using bank statements and the assessee to provide relevant documents. The appeal was allowed in favor of the assessee.
The ITAT Jaipur, in a case involving unexplained money u/s 69A, found that the assessee, a widow running a medical retail store, deposited cash exceeding turnover. The cash was a combination of sales proceeds, loan, and turnover. The assessee, facing health challenges, relied on an accountant for tax filings. The Tribunal admitted additional evidence supporting the assessee's claim, directing the AO to compute cash credits vis-a-vis turnover. The turnover was to be examined based on corroborative evidence, with profit taxed at 8% u/s 44AD due to lack of comparative data. The AO was instructed to verify turnover using bank statements and the assessee to provide relevant documents. The appeal was allowed in favor of the assessee.
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