Property dealer deposits Rs.54 lakh cash, faces tax demand: Why Delhi ITAT ruled the money was not his taxable income
New Delhi, Aug. 19 -- A property dealer who deposited Rs.54 lakh in cash into his bank account and did not file an income tax return for the relevant year has won a tax dispute after the Delhi bench of the Income Tax Appellate Tribunal (ITAT) found that the money was not his income.
In its order dated 30 July 2026 in Anil Rathee vs ITO (ITA No. 3847/Del/2026) for assessment year 2012-13, the Delhi bench of the ITAT set aside the tax department's addition of Rs.54,00,500. The tribunal found that Rathee was acting as an intermediary in property transactions and that the evidence supported his explanation of the cash deposits.
The case relates to financial year 2011-12. According to the ITAT order, information received through AIR/CBI show...
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