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2023 (9) TMI 1025 - ITAT AMRITSARReopening of assessment u/s 147 - reasons to believe - deposit of cash as unexplained money - validity of approval AR argued that the recorded reason of the ld. AO was mechanical manner and without application of mind and further placed that u/s 151, CIT had approved the recorded reason only to mention “Yes it is a fit case” - HELD THAT:- The approval by the CIT for reopening is not a mere mechanical manner. The judgments which are riled by the assessee are clearly distinguishable and are not in similar factual matrix. We respectfully relied on the case Rakesh Gupta (2018 (5) TMI 445 - PUNJAB AND HARYANA HIGH COURT). In our considered view the notice u/s 148 r.w.s. 151 is not illegal. We are not intervening in the order of the ld. CIT(A) in this ground. Addition based on statement of purchaser - As considering the fact of the case which is fully dependent on the circumstantial evidence created by the assessee related to cash receive from the purchaser. The entire evidence of the assessee clearly depicted that the agreement was duly executed by the purchaser and seller. Later the purchaser denied the agreement and rejected the argument for transfer of cash to the seller. During assessment, the ld. AO only relied on the statement of the purchaser Mr. Umed Singh Debas. No other circumstantial evidence is placed against the assessee by the revenue. AR fully relied on the order of Sh. Pappu Ram Saran, [2020 (9) TMI 228 - ITAT JAIPUR] and also relied on the order of Sh. Jagsir Singh[2022 (10) TMI 414 - ITAT AMRITSAR] - We also relied on the order of the same bench in case of Jagsir Singhand order of Coordinate Bench of ITAT, Jaipur. DR in argument was not able to adduce any contradictory fact against the submission of the ld. AR. In our considered view, the cash which was deposited in the bank account by the assessee was contemporaneous to sale of agricultural land and supported the agreement of sale. Accordingly, the addition amount is quashed. Assessee appeal allowed.
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