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2013 (12) TMI 952 - ITAT CHANDIGARHUnexplained sources of deposits - Held that:- The sources of deposits in one account has been explained to be out of sale of sugarcane - Sufficient cash was available with the assessee for deposit in the joint account - The Assessing Officer has nowhere denied that assessee was owning 275 acres of land in which agricultural operations were conducted - Assessing Officer cannot deny the sources simply by saying that there is a gap of more than one month in the withdrawal of cash from one bank and deposit in another is not sufficient to doubt the sources - There can be various reasons for such a gap and the gap of 1 ˝ month is not a large gap so as to raise suspicion – Decided in favour of assessee.
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