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Deletion of Unexplained Cash Without Proper Verification Unjustified; Matter Restored: ITAT Raipur
Case Law Details
- Case Name
- ITO Vs Rahul Kumar Jain (ITAT Raipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Raipur
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ITO Vs Rahul Kumar Jain (ITAT Raipur)
ITAT Raipur held that CIT(A) deleted the addition towards unexplained cash under section 68 of the Income Tax Act without proper verification of the facts and evidences and thus the matter restored back to the file of AO for adequate verifications.
Facts- Subsequent to processed u/s 143(1), it is noticed by the revenue that the assessee has sold an urban land and have received the consideration to the turn of Rs. 20,00,000/-, jointly with Shri Raja Vikram. Assessee’s share in the consideration was Rs. 10,00,000/-. It was the belief of th...
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