https://www.taxtmi.com/caselaws?id=757521 ITAT Indore allowed the assessee's appeal against addition under Section 69 for unexplained investment in agricultural land. The Revenue made the addition based on presumption that cash transactions occurred despite payment through post-dated cheques cleared after two years. The Tribunal held that registered sale deed and bank statements constituted documentary evidence proving payment through cheques only. The delayed clearance was explained by mutual understanding between parties from the same community where interest is not charged per customary practice. The Tribunal emphasized that presumption cannot override documentary evidence and authorities lacked proof of cash payments. en-us Mon, 05 Feb 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757521 ITAT Indore allowed the assessee's appeal against addition under Section 69 for unexplained investment in agricultural land. The Revenue made the addition based on presumption that cash transactions occurred despite payment through post-dated cheques cleared after two years. The Tribunal held that registered sale deed and bank statements constituted documentary evidence proving payment through cheques only. The delayed clearance was explained by mutual understanding between parties from the same community where interest is not charged per customary practice. The Tribunal emphasized that presumption cannot override documentary evidence and authorities lacked proof of cash payments. Case-Laws Income Tax Mon, 05 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757521