Registered Gift Deed for Immovable Property cannot be Treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

Tax implications arise only when the asset is actually sold or transferred, no additions can be made based solely on accounting entries anticipating future benefits

By Aiswarya Krishnadas - On September 2, 2024 11:36 am - 3 mins read

Income Tax - ITAT - ITAT Raipur - Income Tax Act - Immovable Property - TAXSCAN

In a recent Judgement, the Raipur bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that a registered gift deed for immovable property cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act, 1961. The respondent/ assessee, Inder Jaggi, an individual, filed their Return of Income (ROI) for…

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