Entire Sale Value Can’t Be Added as Unexplained Cash Under 69A

Shivaramaiah Guruswamy Vs ITO (ITAT Bangalore) Sale of Property ≠ Unexplained Money: Entire Sale Consideration Can’t Be 69A- Bangalore ITAT Remands Best Judgment Assessment Bangalore ITAT “B” Bench, in Shri Shivaramaiah Guruswamy Vs ITO  (ITA No. 2425/Bang/2024, AY 2018-19; order dated 31.01.2025), set aside the ex-parte assessment framed u/s 144 r.w.s. 147 & remanded the matter to AO for de-novo adjudication, subject to payment of cost of ₹5,000. Assessee, a 69-year-old senior citizen, had sold an immovable property for ₹65 lakh & earned pension income of ₹2.71 lakh and...