Tribunal held that the amounts received by banking channels and subsequently adjusted against booking of flat . Parties have confirmed the transaction , accordingly the addition is held to be not valid . ( AY.2012-13)
Dy. CIT v. H. B. Associates (2020) 81 ITR 38 (SN) ( Pune) (Trib) (Pune)
S.68: Cash Credits — Unsecured Loans —Banking channels- Subsequently adjusted against booking of flat – Addition is held to be not valid .