TMI Blog2023 (3) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... book, which established the sale transaction of the family members, considering the above evidence. Therefore, that the assessee has explained his source properly. Therefore, direct the AO to delete the addition made u/s 69A - Appeal of the assessee is allowed. - I.T.A. No. 264/Viz/2021 - - - Dated:- 31-1-2023 - SHRI DUVVURU RL REDDY, HON BLE JUDICIAL MEMBER For the Appellant : Shri G.V.N.Hari, AR For the Respondent : Shri ON Hari Prasad Rao, DR ORDER Per Shri Duvvuru RL Reddy, Judicial Member : This appeal is filed by the assessee against the order of Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi in DIN Order No.ITBA/NFAC/S/250/2021-22/1036569377(1) dated 26.10.2021 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. The order of the learned Commissioner of Income Tax (Appeals) is contrary to the facts and also the law applicable to the facts of the case. 2. The learned Commissioner of Income Tax (Apepals) is not justified in sustaining the addition of Rs.31,00,000/- made by the assessing officer u/s 69A of the Act towards alleged unexplained cash deposits in the bank account of the appellant. 4. Any other grounds may be urged at the time of hearing. 5. Ground No.1 and 4 are general in nature which does not require specific adjudication. 6. Ground No. 2 is related the disallowance of Rs.31,00,000/- made by the AO u/s 69A of the Act towards alleged unexplained cash deposits in the bank account of the assessee. The Ld.AR submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld.CIT(A) and dismiss the appeal of the assessee on this ground. 8. We have heard both the parties and perused the material placed on record. The contention of the assessee is that he has received the amount of Rs.31,00,000/- from his parents and wife, who are also assessed to income tax and they have given confirmation letters. They have received this amount by way of sale of agricultural land for Rs.32,00,000/-. But the contention of the revenue on this aspect is that there is time gap between the sale deed and deposit of cash in the bank account of the assessee. It is not a valid reason to make addition u/s 69A simply for the reason that there is time gap. The persons, who gave money are none other than the assessee s parents and wif ..... X X X X Extracts X X X X X X X X Extracts X X X X
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