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ITAT adjudicated a tax dispute involving two primary issues: long-term capital gains (LTCG) and unexplained money. Regarding LTCG, the tribunal rejected the Assessing Officer's attempt to refer the matter to the Departmental Valuation Officer, finding no statutory support for such action. On the unexplained money issue, the tribunal upheld the CIT(A)'s decision, confirming that the assessee adequately explained the source of bank deposits. Consequently, the tribunal dismissed the revenue's appeal on both grounds, ruling in favor of the assessee and maintaining the CIT(A)'s original order.
ITAT adjudicated a tax dispute involving two primary issues: long-term capital gains (LTCG) and unexplained money. Regarding LTCG, the tribunal rejected the Assessing Officer's attempt to refer the matter to the Departmental Valuation Officer, finding no statutory support for such action. On the unexplained money issue, the tribunal upheld the CIT(A)'s decision, confirming that the assessee adequately explained the source of bank deposits. Consequently, the tribunal dismissed the revenue's appeal on both grounds, ruling in favor of the assessee and maintaining the CIT(A)'s original order.
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TaxTMI 
TaxTMI 
