Hai,
The Assessee had deposited cash in Bank Account and gave a declaration that, it is undisclosed Cash amount received from Buyer of the immovable Property in addition to amount disclosed in Sale deed and should be assessed to Tax as Long Term Capital Gain taxed at 20%. The Assessing Officer issued 133 notice to the buyer for confirmation of cash transactions, the buyer refused that he has not paid any sale consideration in cash. The Assessing Officer has proposed to tax the cash receipt u/s 68 under the head " Income from other source", tax it @ 30%. The Assessee's had only Long Term Capital Gain as Income, no other income under any other head, Wish to challenge I.T.O proposal, are there any case laws on this issue.
Thanks in advance...
CAclubindia
