The tribunal noted that the AO had examined the sale deed and its English translation, which confirmed that the cash was received on July 7, 2011, and subsequently deposited in the bank.
The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) quashed the Principal Commissioner of Income Tax(PCIT)’s revision order, ruling that the Assessing Officer(AO) conducted sufficient inquiry into the ₹22.09 lakh cash deposit. Mohmedyusufkhan Gulabkhan Farmwala, appellant-assessee, challenged the order passed by the PCIT. The PCIT, after reviewing the assessment records, found that the AO had determined…
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