https://www.taxtmi.com/caselaws?id=446205 The ITAT Chandigarh ruled in favor of the assessee regarding unexplained cash deposits of Rs 30 lakhs under sections 68 and 56. The assessee adequately explained the deposit as advance money received from a property buyer through proper documentation including cash book entries, sale agreement, and receipt with witness. Despite the buyer's subsequent death and non-appearance, the tribunal found the explanation reasonable given the property ownership was undisputed and the amount was later refunded when the sale didn't materialize. The assessee subsequently sold the property to another buyer for Rs 4.80 crores, properly declaring the consideration for tax purposes. The tribunal deleted both additions, noting insufficient basis for taxation under either section. en-us Tue, 05 Sep 2023 00:00:00 +0530 Tue, 28 Nov 2023 07:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446205 The ITAT Chandigarh ruled in favor of the assessee regarding unexplained cash deposits of Rs 30 lakhs under sections 68 and 56. The assessee adequately explained the deposit as advance money received from a property buyer through proper documentation including cash book entries, sale agreement, and receipt with witness. Despite the buyer's subsequent death and non-appearance, the tribunal found the explanation reasonable given the property ownership was undisputed and the amount was later refunded when the sale didn't materialize. The assessee subsequently sold the property to another buyer for Rs 4.80 crores, properly declaring the consideration for tax purposes. The tribunal deleted both additions, noting insufficient basis for taxation under either section. Case-Laws Income Tax Tue, 05 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446205