The Economic Times News

Lady sells property for Rs 94 lakh, gets Rs 38 lakh in cash; files no ITR, gets tax notice for unexplained income, wins case in ITAT Mumbai

A homeowner who sold property for Rs 61 lakh and received Rs 38 lakh in cash has won a tax case. The Income Tax Appellate Tribunal Mumbai ruled that if a sale deed and bank statements confirm cash deposits, the source is accounted for. The tribunal quashed a tax notice for unexplained income.