https://www.taxtmi.com/caselaws?id=447241 The Appellate Tribunal upheld the CIT(A)'s decision to delete the Rs. 12.50 crores addition made by the AO under section 69A of the Income Tax Act. The Tribunal agreed that the unregistered gift deed did not invalidate the transaction, as the assessee was in possession of the property and the sale proceeds were legitimate. The Tribunal confirmed that the amount credited to the assessee's account resulted from a genuine property sale, not unexplained money, and dismissed the revenue's appeal. Judgment was pronounced on 3.11.2023. en-us Fri, 03 Nov 2023 00:00:00 +0530 Thu, 21 Dec 2023 09:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447241 The Appellate Tribunal upheld the CIT(A)'s decision to delete the Rs. 12.50 crores addition made by the AO under section 69A of the Income Tax Act. The Tribunal agreed that the unregistered gift deed did not invalidate the transaction, as the assessee was in possession of the property and the sale proceeds were legitimate. The Tribunal confirmed that the amount credited to the assessee's account resulted from a genuine property sale, not unexplained money, and dismissed the revenue's appeal. Judgment was pronounced on 3.11.2023. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447241