https://www.taxtmi.com/caselaws?id=756200 ITAT Hyderabad allowed the appeal, reversing CIT(A)'s enhancement of assessment under sections 69A and 68. The tribunal held that once the assessee explained the source of property purchase through capital contribution from partners with established identity and proper banking channels, no addition could be made for unexplained money under section 69A or unexplained cash credits under section 68. The tribunal directed deletion of additions made towards property purchase consideration, stamp duty, and registration charges, following the Allahabad HC precedent in Kesharwani Sheetalaya Sahsaon case. en-us Wed, 24 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756200 ITAT Hyderabad allowed the appeal, reversing CIT(A)'s enhancement of assessment under sections 69A and 68. The tribunal held that once the assessee explained the source of property purchase through capital contribution from partners with established identity and proper banking channels, no addition could be made for unexplained money under section 69A or unexplained cash credits under section 68. The tribunal directed deletion of additions made towards property purchase consideration, stamp duty, and registration charges, following the Allahabad HC precedent in Kesharwani Sheetalaya Sahsaon case. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756200