https://www.taxtmi.com/caselaws?id=263771 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, directing the Assessing Officer (AO) to delete the assessment of the cash balance claimed for the assessment year 2004-05. The ITAT emphasized the importance of considering previous financial statements, rectifying double assessment, and accepting the claim of cash receipt through wills. The ITAT overturned the decision of the Commissioner of Income Tax (Appeals) and ruled in favor of the appellant, highlighting the AO's failure to properly assess the cash balance and the validity of the explanations provided by the appellant regarding inheritance and agricultural income. en-us Wed, 26 Aug 2015 00:00:00 +0530 Thu, 10 Sep 2015 08:18:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263771 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, directing the Assessing Officer (AO) to delete the assessment of the cash balance claimed for the assessment year 2004-05. The ITAT emphasized the importance of considering previous financial statements, rectifying double assessment, and accepting the claim of cash receipt through wills. The ITAT overturned the decision of the Commissioner of Income Tax (Appeals) and ruled in favor of the appellant, highlighting the AO's failure to properly assess the cash balance and the validity of the explanations provided by the appellant regarding inheritance and agricultural income. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263771