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Addition u/s. 69 deleted since cash deposited out of sale of agricultural land: ITAT Ahmedabad
Case Law Details
- Case Name
- Keshavlal Ishwardas Thakkar Vs DCIT (ITAT Ahmedabad)
- 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 Ahmedabad
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Keshavlal Ishwardas Thakkar Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that addition under section 69 of the Income Tax Act towards cash deposit in bank not justified since it is proved that cash was deposited out of the sale of agricultural land. Accordingly, addition u/s. 69 deleted.
Facts- Based on the cash deposits found in the bank account of the assessee, an addition of Rs.52,40,000/- has been made by the Assessing Officer u/s 69 of the Act. The addition, being the cash deposited during demonetization period, has been confirmed by CIT(A). Being aggrieved, the present appeal is filed.
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