Section 68 Addition Fails as Purchaser Confirms Cash Payment: ITAT Mumbai

Hansa Harischandra Thakur Vs ITO (ITAT Mumbai) Summary: The appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai, concerned the assessment year 2017–18 and arose from the order of the Commissioner of Income-tax (Appeals) [CIT(A)] dated 12.12.2025. The assessee, an individual, had filed a return declaring total income of Rs. 4,73,760/-. The case was selected for limited scrutiny on issues including cash deposits, property transactions, and deposits during the demonetisation period. During assessment proceedings, the Assessing Officer (AO) observed cash deposits of Rs. 20,36,500/- in...