Cash Deposited out of Earlier Withdrawal is not Undisclosed Income: ITAT

Karan Realty Pvt Ltd Vs ITO (ITAT Ahmedabad) Introduction: In the case of Karan Realty Pvt Ltd vs. ITO, heard by the Income Tax Appellate Tribunal (ITAT) in Ahmedabad, several significant issues related to taxation were addressed. This article provides a comprehensive analysis of the ITAT’s judgment, focusing on the treatment of cash deposits, assessment validity, and capital gains. Detailed Analysis: 1. Assessment Order Challenged: Karan Realty Pvt Ltd initiated an appeal against the assessment order passed under Section 144 read with Section 147 of the Income Tax Act, 1961, for the Ass...