https://www.taxtmi.com/caselaws?id=756340 ITAT Delhi allowed assessee's appeal regarding cash deposits of Rs. 20 lakhs in bank account. The deposits were explained as amounts received from Madhur Infra Developers P. Ltd. against advance payment for plot purchase, supported by receipts and proximity of transactions. On Long Term Capital Gains, ITAT noted AO computed LTCG on entire consideration despite partial receipt. CIT(A) directed recalculation based on actual consideration received (Rs. 20,33,320). ITAT restored matter to AO to verify if assessee already offered LTCG in AY 2019-20 when entire consideration was received, directing no addition if tax liability already discharged. en-us Tue, 30 Jul 2024 00:00:00 +0530 Thu, 01 Aug 2024 08:32:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756340 ITAT Delhi allowed assessee's appeal regarding cash deposits of Rs. 20 lakhs in bank account. The deposits were explained as amounts received from Madhur Infra Developers P. Ltd. against advance payment for plot purchase, supported by receipts and proximity of transactions. On Long Term Capital Gains, ITAT noted AO computed LTCG on entire consideration despite partial receipt. CIT(A) directed recalculation based on actual consideration received (Rs. 20,33,320). ITAT restored matter to AO to verify if assessee already offered LTCG in AY 2019-20 when entire consideration was received, directing no addition if tax liability already discharged. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756340