Section 69A Addition Quashed Where Property Payment Was Deferred & Paid Subsequently

G K Properties Private Limited Vs ITO (ITAT Hyderabad) Outstanding Property Consideration Subsequently Paid Cannot Be Treated as Unexplained Money u/s 69A The Hyderabad Bench (SMC) of the ITAT allowed the assessee’s appeal for AY 2020-21 and deleted the addition of ₹20 lakh made under section 69A. The Assessing Officer had treated the outstanding balance shown in the balance sheet towards purchase of two immovable properties as unexplained money, relying solely on the recital in the sale deeds that full consideration had been received by the seller. The Tribunal observed that although the...