Truck Sale Proceeds Not Unexplained Cash: ITAT Pune

Suhel Inayatulla Punekar Vs ITO (ITAT Pune) In the case of Suhel Inayatulla Punekar vs. ITO, the ITAT Pune addressed an appeal regarding the classification of ₹10 lakh received by the assessee from the sale of a truck. The dispute arose when the Assessing Officer (AO) treated the amount as Short-Term Capital Gain due to the assessee’s inability to provide purchase proof for the truck. The Commissioner of Income Tax (Appeals) [CIT(A)] further reclassified it as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The assessee, engaged in the transport business and a partner...