ITAT Hyderabad Judgments — June 2024

The tribunal held that the addition of Rs. 50 lakhs for unaccounted cash receipts was not sustainable. It found that the Assessing Officer failed to provide corroborative evidence beyond the sale agreement and the assessee's retracted statement, and the reasons provided by the assessee for the retraction were considered reasonable.

The tribunal held that the addition of Rs. 50 lakhs for unaccounted cash receipts could not be sustained. It found no corroborative evidence beyond the sale agreement to prove the cash receipt, and the assessee had validly retracted his statement, explaining that the full consideration was not received due to non-fulfillment of agreement terms by the seller.