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2012 (9) TMI 618 - ITAT INDOREAddition made on account of substantial cash in bank account – Assessee receive cash from family settlement agreement – Inspite of giving so many opportunities, the assessee did not furnish any documentary evidence nor the explanation for deposit of huge cash in the bank account – Held that:- Cash so deposited in the bank account was received by him out of family settlement and deed executed between the assessee and his brothers was duly submit before CIT(A). Bank entries are also duly supported by confirmation. Appeal decides in favour of assessee. Advance against sale of land – Assessee enter into an agreement for sale of agriculture land - Advance money was also received – Advance was repaid due to breach of agreement - As per family settle deed brothers of the assessee willing to retain the immovable properties and other assets and in turn compensated the assessee by making payment – Held that:- As the advance was repaid is not supported by proper evidence on record. When the agricultural land was alleged to be given in family settlement to other brothers, no question arises for the assessee selling any ancestral agricultural land. Nothing was also brought on record as to when this agricultural land was bought by the assessee and the consideration paid for the same. AO has not given any positive remand report nor the CIT(A) has recorded any of his own finding to the effect that he has examined the proposed buyer of the agricultural land. Therefore issue remand back to AO Assessee receive gift by way of Demand draft from 2 persons – Receive gift of Rs. 1 lacs drawn on three drafts – Receive another gift of Rs. 4 lacs drawn on ten demand drafts i.e. Rs 40000 each - Gift deed submit before CIT(A) - Held that:- Gift have been shown as given in the form of demand drafts which seem to have been purchased in cash as more than or equal to Rs.50,000/- drafts are prepared by banks normally only after the draft purchaser quotes his PAN no. Therefore, Gifts so received were not genuine and the credit worthiness of the donors was not proved. Nothing was brought on record to persuade us to deviate from the findings recorded by lower authorities. Accordingly upheld the addition. Decides in favour of revenue
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