Share in Property Sale not Unexplained Credits under Section 68: ITAT Delhi

Simmi Batra Vs ITO (ITAT Delhi) Sale Share Cannot Be Treated as Unsecured Loan- Tribunal Strikes Down AO’s Addition on Sale Consideration: Sale Share Cannot Be Treated as Unsecured Loan- Tribunal Strikes Down AO’s Addition on Sale Consideration Assessee, an individual, filed return declaring income of Rs.11,44,220/-. The case was selected for limited scrutiny regarding large deduction claimed u/s 54/54F. The dispute arose from sale of property at Mathura Road, New Delhi, originally belonging to partnership firm M/s Batra Bros & Co. After death of her husband (partner), Assessee & h...