ITAT dismissed Revenue's appeal challenging deletion of Rs. 6...

ITAT dismissed Revenue's appeal challenging deletion of Rs. 6 crore addition under sections 68 and 69 read with section 115BBE. Assessee-firm executed exchange agreement mentioning cash consideration for property purchase, but tribunal found this was typographical error referring to loan previously given by cheque in 2013. Property was already attached under section 281B making subsequent transactions void ab initio. Document analysis revealed assessee created mortgage charge to secure capital against attached property, with borrower given three months to resolve departmental disputes. Tribunal held cash payment reference was same loan amount from 2013, not separate unexplained cash credit. CIT(A)'s deletion of addition was upheld as Assessing Officer erred in treating mortgage transaction as distinct cash purchase.

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