section 68 addition if Assessee duly explained source & disclosed identity of payers

Mujtaba Hussain Ahmed Vs ACIT (ITAT Hyderabad) Undoubtedly, the assessee had sold his ancestral agricultural land admeasuring 1 acre and 25 guntas by way of a registered sale deed dt.23.03.2019. Incidentally, on the date of sale of land, SST Team intercepted the assessee and found cash with him and when the assessee was asked to explain the source of cash, the assessee had submitted that the cash was received by them (He and his siblings) on account of sale of land. Subsequently, during the assessment proceedings, the assessee had undertaken to produce the sale deed registered on 23.03.2019 wh...