ITAT deletes tax addition over Rs 10 lakh investment source dispute

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The Income Tax Appellate Tribunal ruled in favor of a taxpayer regarding a Rs 10 lakh investment. The dispute began when tax authorities questioned the source of funds for a total investment of Rs 11.25 lakh. The assessing officer had only accepted a cheque payment of Rs 1.25 lakh as explained. The tribunal addressed procedural delays before resolving the core tax addition and penalty issue in the taxpayer's favor.

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