Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
The ITAT held that levying penalty u/s 271D for cash sale transactions is not acceptable. Addition of cash loans below Rs. 20,000 as unexplained deposits u/s 68 was made in the assessment order, but the revenue did not dispute the genuineness of the flat purchase and sale. The assessee entered into an agreement for an under-construction flat, which later went to another party due to financial issues. The ITAT found the AR's submissions realistic, setting aside the CIT(A) order and directing the AO to delete the penalty. The appeal was allowed in favor of the assessee.
The ITAT held that levying penalty u/s 271D for cash sale transactions is not acceptable. Addition of cash loans below Rs. 20,000 as unexplained deposits u/s 68 was made in the assessment order, but the revenue did not dispute the genuineness of the flat purchase and sale. The assessee entered into an agreement for an under-construction flat, which later went to another party due to financial issues. The ITAT found the AR's submissions realistic, setting aside the CIT(A) order and directing the AO to delete the penalty. The appeal was allowed in favor of the assessee.
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