TMI Blog2014 (8) TMI 270X X X X Extracts X X X X X X X X Extracts X X X X ..... Just because it was not affected to the bank account, it does not mean that assessee did not have a source of funds - CIT(A) has noted that assessee has sold ac.2.12 gts situated at Maheswaram Mandal - copy of the pattadar passbook as noted by the revenue authorities were also filed – there was no reason in not giving credit to the amount, just because the transaction has not routed through the bank account - AO has verified the cash deposits and bank account and the assessee also explained to AO the source of deposit out of sale proceeds received in cash – Decided against Revenue. Advance receipt on sale of land – No evidence adduced – Held that:- There was no reason not to give credit to the amount - Assessee has shown the amount in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have accepted the contention of the assessee in respect of advance receipted on sale of land at Mohabbat Nagar amounting to ₹ 10,00,000/- as no evidence was adduced in support of the transaction. 5. The CIT(A) has erred in disregarding the comments of the A.O. in the remand report. 2. Briefly stated, assessee is an individual earning income from dairy, house property. On receiving information that substantial cash deposits were made in the bank accounts, Assessee s case was selected for scrutiny. Assessee being basically an agriculturist and having no business income, did not maintain any books of accounts. He furnished the bank accounts and explained the various sources and furnished necessary evidences before the A.O. However ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Sri Dashrath Reddy (father) ₹ 5,00,000 Sale proceeds of agriculture land ₹ 4,60,000 Advance received in respect of sale of land at Mohabbat Nagar Rs.10,00,000 Amount received on sale of feed ₹ 1,25,745 Amount received from debtors ₹ 84,021 Total funds available from various sources Rs.34,16,766 Amount considered by the A.O. as unexplained Rs.42,58,440 (-) ₹ 8,41,674 2.2. In doing so, Ld. CIT(A) rejected the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ailable to the A.O. for his comments. A.O. in his remand mentioned that all the information and documents submitted by the assessee were taken into consideration at the time of assessment proceedings. Assessment order contains only general observations. The main requirement such as identity of the party, source for advancing the amount and supporting evidence/confirmation in respect of such work are established by the appellant. In such a situation there is no scope to ignore such evidence. In my view without making any reference either in the assessment order or in remand report there is no scope to reject such vital evidence produced by the appellant. 5. On considering the arguments of the Ld. D.R. and Ld. Counsel and perusing the pap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e a source of funds. Ld. CIT(A) has noted that assessee has sold ac.2.12 gts situated at Maheswaram Mandal vide sale deed document No.6513/2006 dated 04.05.2006 and assessee was in receipt of ₹ 4,60,000/-. In support, copy of the pattadar passbook as noted by the revenue authorities were also filed. On the basis of the above evidence, we do not find any reason in not giving credit to the above amount, just because the transaction has not routed through the bank account. In fact, A.O. has verified the cash deposits and bank account and the assessee also explained to AO the source of deposit out of sale proceeds received in cash. Ground raised by the Revenue has no merit. Accordingly, the same is rejected. 7. The next ground is with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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