Held that source of advance sale proceeds of land is subject to capital gains tax. Identity of recipient and source of funds made through banking channel established. Order of CIT(A) deleting the addition is affirmed (AY. 2011-12)
ITO v. Arvindbhai Ratanbhai Mokani (2024)115 ITR 251 (Surat)(Trib)
S. 68 : Cash credits-Time deposit-Unexplained advances-Identity of recipient and source of funds made through banking channel established-Proceeds subject to capital gains-Deletion of addition is affirmed. [S. 45]