Tuesday, 16 July 2013

AO can’t apply Sec. 50C to a purchaser; unexplained money deleted on furnishing family settlement ag

IT : Where assessee in support of certain amount received from his family members on account of sale of property, produced family settlement agreement and sale agreement, there being no defect in said agreements, amount so received by assessee could not be added to his taxable income as unexplained money


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