https://www.taxtmi.com/caselaws?id=754123 ITAT Indore held that property purchase was not without consideration despite non-clearing of post-dated cheques, as consideration was agreed and paid through cheques which remained uncleared due to litigation uncertainty regarding the property. The tribunal deleted additions under sections 56(2)(vii) and 28(iv). Regarding unexplained bank deposits under section 69, ITAT found cash withdrawals from one bank provided sufficient source for deposits in another bank, rejecting AO's conjectural reasoning about time gaps and amount differences. Cash receipts from land sales were held not unexplained since profits were already assessed as business income, making separate addition tantamount to double taxation. Various additions totaling significant amounts were deleted, with one issue remitted back for verification. en-us Mon, 20 May 2024 00:00:00 +0530 Tue, 18 Jun 2024 08:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754123 ITAT Indore held that property purchase was not without consideration despite non-clearing of post-dated cheques, as consideration was agreed and paid through cheques which remained uncleared due to litigation uncertainty regarding the property. The tribunal deleted additions under sections 56(2)(vii) and 28(iv). Regarding unexplained bank deposits under section 69, ITAT found cash withdrawals from one bank provided sufficient source for deposits in another bank, rejecting AO's conjectural reasoning about time gaps and amount differences. Cash receipts from land sales were held not unexplained since profits were already assessed as business income, making separate addition tantamount to double taxation. Various additions totaling significant amounts were deleted, with one issue remitted back for verification. Case-Laws Income Tax Mon, 20 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754123