AO can’t reject correctness of ‘agreement to sell’ merely relying on statement of purchaser denying higher payment: ITAT

INCOME TAX : Correctness of ‘Ikrarnama’ (Agreement to sell) showing cash payment by purchaser could not be outrightly discarded on denial by purchaser and addition of amount deposited in bank account of assessee-seller in his hand instead of his claim of it being sales turnover could not be made without examining genuineness of ikrarnamaINCOME TAX : Correctness of ‘Ikrarnama’ (Agreement to sell) showing cash payment by purchaser could not be outrightly discarded on denial by purchaser and addition of amount deposited in bank account of assessee-seller in his hand instead of his claim of it being sales turnover could not be made without examining genuineness of ikrarnamawww.taxmann.com Latest Case LawsRead More

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