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Section 69A Addition Deleted: AO Must Prove Cash Deposit Isn’t Sale Consideration
Case Law Details
- Case Name
- Shalaka Chandrahas Chavan Vs ITO (ITAT Mumbai)
- 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 Mumbai
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Shalaka Chandrahas Chavan Vs ITO (ITAT Mumbai)
Cash Deposit Fully Explained as Sale Consideration – Section 69A requires the AO to disprove the explanation with material evidence – Accordingly, the addition of Rs.13,00,500 u/s 69A was deleted & the Assessee’s appeal was allowed.
Mumbai Tribunal examined the limited issue of addition of Rs.13,00,500 treated as unexplained money u/s 69A.
Assessee had sold an immovable property for Rs.94,06,000 during the year & received part of the sale consideration in cash. Information in AIMS module triggered reopening u/s 1...
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