Cash Deposits in Bank Account from Sale Proceeds received in Cash on due explanation, is not Unexplained Credit: ITAT [Read Order]

Cash deposits in bank account from sale proceeds received in cash on due explanation, is not unexplained credit, rules ITAT
ITAT - ITAT Delhi - Income Tax - Cash deposits bank account - Sale Proceeds - taxscan

The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that cash deposits in bank account from sale proceeds received in cash on due explanation, is not unexplained credit. The sale deed was registered however only for Rs. 49 lakhs. The assessee could not produce the confirmation from the buyer of…

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