https://www.taxtmi.com/caselaws?id=249771 The CIT(A) deleted the addition of unexplained deposits in the bank account. The CIT(A) sustained the addition based on the difference in sale price and the value recorded by the Sub-Registrar. The ITAT directed the AO to refer the valuation matter to the valuation officer under section 50C(2). The ITAT held that the addition of amount received from a creditor was not justified, partially allowing the appeal. The judgment emphasizes adherence to procedural requirements and consideration of all relevant evidence in income additions. en-us Wed, 16 Jul 2014 00:00:00 +0530 Wed, 23 Jul 2014 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249771 The CIT(A) deleted the addition of unexplained deposits in the bank account. The CIT(A) sustained the addition based on the difference in sale price and the value recorded by the Sub-Registrar. The ITAT directed the AO to refer the valuation matter to the valuation officer under section 50C(2). The ITAT held that the addition of amount received from a creditor was not justified, partially allowing the appeal. The judgment emphasizes adherence to procedural requirements and consideration of all relevant evidence in income additions. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249771