Cash Deposit from Sale of Property of Father is not taxable : ITAT quashes Addition [Read Order]

ITAT - Cash Deposit - Sale of Property - taxscan

The Amritsar bench of Income Tax Appellate Tribunal (ITAT) ruled that the assessee is not liable for payment of tax related to sale of property which belongs to his father. Thus, the bench quashed the addition. The bench opined that the source of cash deposited in bank accounts is well explained considering the cash trial…

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