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Demonetisation Cash from Property Sale Explained; Addition Deleted Despite Time Gap
Case Law Details
- Case Name
- Jyoti Chaudhary Vs ITO (ITAT Amritsar)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Amritsar
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Jyoti Chaudhary Vs ITO (ITAT Amritsar)
Demonetisation Cash from Property Sale Explained; Addition Deleted Despite Time Gap
The ITAT, Amritsar Bench held that mere time gap between sale deed execution and cash deposits cannot justify an addition, when sale consideration in cash is evidenced in the registered sale deed and capital gains are duly offered.
In this case, the assessee deposited cash during demonetisation and explained it as arising from sale of property and rental income. The AO doubted the explanation due to an alleged earlier deposit before execution date and a pe...
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