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Unexplained Money: ₹6.90 Lakh Addition u/s 68 Deleted as Cash Belonged to Seven Legal Heirs
Case Law Details
- Case Name
- Truptiben Nilangkumar Trivedi Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Ahmedabad
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Truptiben Nilangkumar Trivedi Vs ITO (ITAT Ahmedabad)
Cash Component of Property Sale Was Jointly Held by Seven Legal Heirs – Entire ₹6.90 Lakh Cannot Be Assessed in Hands of One Co-Owner; Addition u/s 68 Deleted
Assessee, one of seven legal heirs of late Shri Kantibhai Mujibhai Patel, challenged addition of ₹6,90,000/- treated as unexplained cash u/s 68. The property had been occupied for decades by a long-standing tenant who gradually paid cash in small instalments to the original owner. After the owner’s death, the property devolved upon seven heirs, & the entir...
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