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Sale of Agricultural Land Justifies Cash Deposits – ITAT Delhi Deletes Section 69A Addition
Case Law Details
- Case Name
- Dinesh Kumar Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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Dinesh Kumar Vs ITO (ITAT Delhi)
Cash Deposits Explained by Sale of Agricultural Land — ITAT Delhi Deletes Section 69A Addition
The Delhi Bench of the ITAT allowed the appeal of Dinesh Kumar for AY 2015-16 and deleted the addition of ₹38.60 lakh made under section 69A as unexplained money.
The reassessment was initiated on account of large cash deposits and investment in immovable property. The assessee explained the cash deposits as arising from earlier withdrawals, cash loans, and sale of agricultural land. While the AO accepted the source to the extent of ₹8.90 lakh from prior withdra...
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