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Entire Sale Value Can’t Be Added as Unexplained Cash Under 69A
Case Law Details
- Case Name
- Shivaramaiah Guruswamy Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Bangalore
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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...
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