ITAT ruled against revision under s.263, finding the original ...

Assessment Order Valid: Cash Deposit from Cancelled Land Deal Found Legitimate After Proper Verification Under Section 263

March 5, 2025

Case Laws Income Tax AT

ITAT ruled against revision under s.263, finding the original assessment order valid and not prejudicial to revenue interests. The disputed cash deposit of Rs.4.5 lakh, initially part of a land transaction that was subsequently cancelled, resulted in nil cash flow impact. The AO had properly followed assessment procedures under s.143(3) r.w.s 147/148, issuing required notices and examining bank statements, agricultural income declarations, and supporting documentation. The tribunal determined the assessment of Rs.6,710 plus Rs.7,80,000 agricultural income was reasonable, with due verification completed. The PCIT's attempt to invoke s.263 was rejected as the original assessment demonstrated proper examination of facts and application of law.

View Source

← Previous Next →

ITAT ruled against revision under s.263, finding the original ...

Assessment Order Valid: Cash Deposit from Cancelled Land Deal Found Legitimate After Proper Verification Under Section 263

March 5, 2025

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - source of cash deposited in the Bank account - There is a direct nexus between the transaction of sale and the cash deposited in the bank account of...

Unexplained deposits in cash in bank - assessee's father was the owner of agriculture land and the said cash was deposited partly out proceeds from sale of agriculture...

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank...

The assessee, a septuagenarian gynecologist with no business income during the year, made cash deposits totaling Rs. 10 lakh in her bank account during demonetization....

The ITAT dismissed the Revenue's appeal. The assessee's cash deposits were held genuine, being directly attributable to the cash sales made in the ordinary course of...

Addition u/s 68 - source of cash found deposited in the bank account of the - unexplained cash credit - Genuineness of retention of money /cash after sale of...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Addition u/s 69A - unexplained cash deposits in the bank account - onus to prove - The Tribunal noted that the appellant had provided evidence to support the source of...

Addition u/s 69A - unexplained cash deposits in the saving bank - The tribunal found the orders of the Revenue authorities to be arbitrary, with a failure to consider...

Addition u/s 69A being cash deposit in the Bank A/c during the demonetization period - cash deposit out of the sale proceeds effected prior to the ban of currency notes...

Cash deposits in bank accounts were challenged by AO under section 69A as unexplained. Assessee demonstrated deposits originated from legitimate cash sales recorded in...

Quick Updates: