ITAT set aside Addition for cash deposit against property sale without providing opportunity to examine buyer

R. Yuvaraj Vs ITO (ITAT Chennai) In the assessment order, the Assessing Officer asked the assessee to prove the source of the additional amount of ₹.52 lakhs found deposited in his savings bank account with Andhra Bank, Medavakkam. Since the assessee has not furnished any evidence for having received money from the purchaser Shri Parthasarathy, the Assessing Officer treated the cash deposit of ₹.52 lakhs as unexplained cash deposit and brought to tax. On appeal, the ld. CIT(A) confirmed the addition. On perusal of the assessment order, we find that in the sworn statement, it was stated by ...