https://www.taxtmi.com/caselaws?id=354019 The CIT(A) granted relief to the assessee, upholding the deletion of an addition of Rs. 45,00,000 as unexplained income from undisclosed sources. The addition was based on unexplained cash deposits, which were later justified as advance payment for the sale of specific agricultural land through a sale agreement. The AO verified the evidence and agreed with the explanation, leading to the deletion of the addition. The ITAT dismissed the Revenue's appeal, emphasizing the need for fair exercise of discretion and discouraging the filing of frivolous appeals to maintain trust in the tax system. en-us Thu, 04 Jan 2018 00:00:00 +0530 Tue, 16 Jan 2018 16:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354019 The CIT(A) granted relief to the assessee, upholding the deletion of an addition of Rs. 45,00,000 as unexplained income from undisclosed sources. The addition was based on unexplained cash deposits, which were later justified as advance payment for the sale of specific agricultural land through a sale agreement. The AO verified the evidence and agreed with the explanation, leading to the deletion of the addition. The ITAT dismissed the Revenue's appeal, emphasizing the need for fair exercise of discretion and discouraging the filing of frivolous appeals to maintain trust in the tax system. Case-Laws Income Tax Thu, 04 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354019