ITAT deletes addition for cash deposit linked to Sale of Property

D. Ramagopal Vs ACIT (ITAT Chennai)

he case of D. Ramagopal vs. ACIT (ITAT Chennai) revolves around various issues concerning the computation of capital gains, treatment of cash deposits in bank accounts, and the declaration of agricultural income for the Assessment Year (AY) 2011-12. The appellant, Mr. D. Ramagopal, contested the decision of the Commissioner of Income Tax (Appeals)-19, Chennai [CIT(A)], which upheld certain additions made by the Assessing Officer (AO) in the assessment order.

The key points of contention raised by the appellant were as follows:

1. Computation of Capital Gains: The appellant disputed the calculation of both long-term and short-term capital gains, arguing that certain expenses related to obtaining the title were not considered.

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