https://www.taxtmi.com/caselaws?id=445955 The ITAT Amritsar allowed the assessee's appeal regarding unexplained cash deposits. The tribunal found no evidence linking the cash deposits of Rs. 48.5 lakhs to payments made by the assessee over and above the registered value of property. The CIT(A) had relied on Punjab and Haryana HC precedent establishing that cash deposits have no relevance to payments exceeding registered prices. The revenue was unable to present any contrary evidence against the assessee's submissions, resulting in the deletion of the addition. en-us Mon, 21 Aug 2023 00:00:00 +0530 Wed, 22 Nov 2023 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445955 The ITAT Amritsar allowed the assessee's appeal regarding unexplained cash deposits. The tribunal found no evidence linking the cash deposits of Rs. 48.5 lakhs to payments made by the assessee over and above the registered value of property. The CIT(A) had relied on Punjab and Haryana HC precedent establishing that cash deposits have no relevance to payments exceeding registered prices. The revenue was unable to present any contrary evidence against the assessee's submissions, resulting in the deletion of the addition. Case-Laws Income Tax Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445955