Cash Deposit Linked to Property Sale: ITAT Sends Matter Back for Fresh Examination

Advertisement Ranjit Singh Vs ITO (ITAT Chandigarh) The assessee filed an appeal before the Income Tax Appellate Tribunal, Chandigarh, challenging the order of the Commissioner of Income Tax (Appeals), NFAC, dated 22.08.2024, for Assessment Year 2013-14. The assessee raised several grounds, including allegations that the order under section 250 was contrary to law, that the reassessment proceedings initiated under sections 147 and 148 were invalid, that the addition of Rs. 42,20,000 under section 69 treating a cash deposit as unexplained income was erroneous, and that both the Assessing Off...