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2014 (5) TMI 1118 - AT - Income TaxSale of land - Addition on cash deposits in the State Bank of India and Axis Bank - Held that:- The only inference which can be drawn is that the deposit of cash made by the appellant in his saving bank accounts maintained with the Axis Bank and with the SBI Bank had nothing to do with the facts of sale of land by his father and his uncles. It is also endorsed by the fact that there was no such deposit or withdrawal from the bank accounts maintained by the appellant. As far as, reliance placed on the statement of the father of the assessee and the copy of the affidavit of the father and of uncles of the appellant, it is noted that in the statement as well as in the affidavit, it is stated that the advance of ₹ 60 lac was received on 02.08.2008. Further amount of ₹ 25 lac was received on 30.04.2009 and further ₹ 15 lac on 25.06.2009 whereas, the first agreement dated 02.08.2008 was cancelled on 30.04.2009 and the entire amount of ₹ 60 lac was stated to be returned. Fresh agreement was carried out and advance of ₹ 85 lac was received, which was also canceled later on and the entire amount of advance of ₹ 85 lakh was also returned on the same date. The facts given in the affidavit and in the statement are, as such, contradictory. The facts stated in the affidavits, relied upon by the appellant are, as such, not in consonance with the agreement and hence are not reliable. In view of the fact discussed above, it is noted that the appellant failed to explain the source of deposit of cash in the saving bank accounts maintained with the Axis Bank and the SBI Bank and hence addition thereof made by the AO is hereby confirmed. Various ground of appeal taken by the appellant are, as such, rejected.
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