https://www.taxtmi.com/caselaws?id=773372 The ITAT Hyderabad dismissed the Revenue's appeal regarding unexplained cash credit additions under sections 68 and 69 read with section 115BBE. The case involved a property transaction where the AO treated a Rs. 6 crore cash consideration mentioned in an exchange agreement as unexplained cash credit. The ITAT held that this amount was actually the same loan given by cheque in 2013, and the cash payment reference was merely a typographical error. The tribunal found that since the property was already attached by the IT Department under section 281B, any subsequent transaction would be void ab initio. The ITAT upheld the CIT(A)'s deletion of the addition, concluding the document was executed to secure capital against original papers rather than representing a genuine cash transaction. en-us Thu, 19 Jun 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:29:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773372 The ITAT Hyderabad dismissed the Revenue's appeal regarding unexplained cash credit additions under sections 68 and 69 read with section 115BBE. The case involved a property transaction where the AO treated a Rs. 6 crore cash consideration mentioned in an exchange agreement as unexplained cash credit. The ITAT held that this amount was actually the same loan given by cheque in 2013, and the cash payment reference was merely a typographical error. The tribunal found that since the property was already attached by the IT Department under section 281B, any subsequent transaction would be void ab initio. The ITAT upheld the CIT(A)'s deletion of the addition, concluding the document was executed to secure capital against original papers rather than representing a genuine cash transaction. Case-Laws Income Tax Thu, 19 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773372