ITAT examined three key issues regarding property transactions ...

Property Transaction Additions Under Section 69A Deleted Due to Banking Evidence and Source Documentation

February 15, 2025

Case Laws Income Tax AT

ITAT examined three key issues regarding property transactions and unexplained funds. On unexplained money under s.69A, the Tribunal upheld CIT(A)'s deletion of AO's addition, finding sufficient evidence for property acquisition. However, the short-term capital loss claim was rejected as it wasn't declared in the original return per s.80. Regarding unexplained investment, ITAT confirmed deletion of addition as payments were through banking channels with substantiated sources, except for INR 32.5 Lakhs stamp duty payment which was remanded for AO verification. On cash deposits, ITAT ruled AO exceeded limited scrutiny scope by examining bank deposits not included in original assessment reasons, and found sufficient cash balance explanation, thereby deleting the addition.

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ITAT examined three key issues regarding property transactions ...

Property Transaction Additions Under Section 69A Deleted Due to Banking Evidence and Source Documentation

February 15, 2025

Case Laws Income Tax AT

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