Case Law Analysis
|Income Tax Appellate Tribunal
Section 69A IT Act | 'On Money' from Property Sale Taxable as Capital Gains, Not Unexplained Income: ITAT Delhi
ITAT Delhi rules that unrecorded cash ('on money') received in property transactions forms part of the sale consideration and must be taxed under Capital Gains, not Section 69A of the Income Tax Act. The ruling clarifies the tax treatment of informal payments in real estate deals, impacting taxpayers and tax authorities alike.