TMI Blog2022 (10) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee cannot be kept in the dark. Adverse statements or materials cannot be kept away from his eyes. If the AO intends to use it to draw adverse inference/finding, the assessee should be provided the adverse material/statements in order to rebut/cross examine the provider/maker of the adverse material. Failure to do so is a serious flaw which renders the assessment a nullity. The addition was made purely on conjecture. The impugned addition is therefore being set aside and is hence deleted. This ground stands allowed. - I.T.A. No. 202/Asr/2019 And I.T.A. No. 203/Asr/2019 - - - Dated:- 10-8-2022 - Dr. M. L. Meena, Accountant Member And Sh. Anikesh Banerjee, Judicial Member For the Appellant : Sh. Sudhir Sehgal, P.N. Arora, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... village Bibiwala Tehsil Distt. Bathinda. The ld. Assessing Officer considering the fact added back an amount of Rs.89,60,400/- as an unexplained deposit and added back with the total income of the assessee with the interest from bank a/c amount to Rs.1085/-. Aggrieved, the assessee filed an appeal before the ld. CIT(A) and agitated both the technical ground and legal ground related to issuance of notice u/s 148 of the Act. The ld. CIT(A) adjudicated both the issues in favour of the Revenue. Being aggrieved, the assessee filed an appeal before us. 4. The ld. counsel of the assessee Mr. Sudhir Sehgal vehemently argued and first agitated the ground related to issuance of notice u/s 148. The ld. counsel filed a paper book and brief synopsi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the contention of the assessee is liable to accepted that there was a valid agreement, which was entered into with the party concerned because as per Exchange Deed, placed at pages 18 to 21 (English translation, it has been mentioned as under: - If previously any deed had been executed between the parties, the same may be treated as cancelled. So this exchange deed has been written by the parties at home with their consent and concurrence so as remain on record date 25.12.2010. (iv) The above said language clearly proves the case of the assessee that there is a specific mention of the earlier agreement between the parties and that earlier agreement, between the parties should be treated as cancelled. This was mentioned, because ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , is extracted as follows: Reasons under section 147 of the Income Tax Act, 1961 This office is in possession of certain information that during the year under consideration, the assessee has made a cash deposit of Rs.89.60,400/- into his saving bank account maintained with State Bank of Patiala. The query letters issued to the assessee by this office time to time. The assessee has not furnished any reply/explanation on verification from record of this office. It is noticed that the assessee has not filed his H R for the A.Y 2009-10. 1 have reasons to believe that the income of Rs. 89,60.400 - chargeable to tax for the Assessment year 2009-10: and any other income which comes to the notice subsequently has escaped assessment. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e had received the fund under gone the transaction with Silver Oaks Township . The affidavit was also filed by the assessee to establish the fact. The assessee was able to prove the coherent relations in between the transfer agreement and cash deposit in the bank account before the revenue authorities before the ITAT. Factually, it is proved that the assessee had gone through an agreement and the deed of exchange with the parties for transfer his agricultural land. The technical defect in the agreement cannot be criteria for rejection of the entire cash deposit related to transfer of agricultural land. The assessee was able to prove the source of deposit during financial year. 7. Further, related to agreement of sale, the ld. AO recor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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