Withdrawal of Amount from Bank Account for Purchase of Property and Redeposit of same Bank as Purchase Deal not Fructified: ITAT deletes addition u/s 68 [Read Order]

By Fathima Karama A.M - On August 20, 2023 8:30 am - 2 mins read

Withdrawal - Amount - Bank Account - Withdrawal of Amount from Bank Account for Purchase of Property - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition under Section 68 of the Income Tax Act 1961 as the amount from bank account for property was deposited but redeposited in the same bank as purchase deal could not be fructified. The appeal had been filed by assessee Inderjeet on the…

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