https://www.taxtmi.com/caselaws?id=761162 ITAT Visakhapatnam held that assessee properly explained Rs. 15,00,000 cash deposits during demonetization period through documented bank withdrawals made in July 2016 after redeeming mutual fund investments. However, additional cash balances claimed from rental income and past savings were rejected due to lack of documentary evidence. Regarding TDS under section 194IA, tribunal ruled that where property has three joint co-owners with equal shares, and individual consideration per co-owner falls below Rs. 50 lakhs threshold, TDS provisions do not apply. Revenue's demand for treating assessee as assessee-in-default was dismissed as unsustainable. en-us Wed, 25 Sep 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761162 ITAT Visakhapatnam held that assessee properly explained Rs. 15,00,000 cash deposits during demonetization period through documented bank withdrawals made in July 2016 after redeeming mutual fund investments. However, additional cash balances claimed from rental income and past savings were rejected due to lack of documentary evidence. Regarding TDS under section 194IA, tribunal ruled that where property has three joint co-owners with equal shares, and individual consideration per co-owner falls below Rs. 50 lakhs threshold, TDS provisions do not apply. Revenue's demand for treating assessee as assessee-in-default was dismissed as unsustainable. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761162