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2015 (10) TMI 2563 - AT - Income TaxUnexplained deposit - Held that:- In the present case assessee was called upon to explain the deposits made in her savings bank account to the extent of ₹ 15,00,000/-. The assessee was required to satisfactorily explain the source of the cash deposit in the savings bank account during the assessment year. For the purpose of explaining the source of cash deposit, the assessee has submitted that the amount was received by her on account of sale of her plot to one Shri Shakeel Khan vide documents dated 4.6.2007 . The sale consideration received by her was deposited by her in savings bank account after finalization of sale. The assessee transferred this plot on the basis of Agreement to Sale, Will and General Power of Attorney. The General Power of Attorney had been registered in favour of Shri Shakeel Khan on 04.06.2007. The assessee’s case prima facie appears to be in favour of assessee that no one without any receipt of consideration would register the General Power of Attorney in favour of a stranger. But it is also undisputed fact that on verification from the side of Shri Shakeel Khan through statement recorded under section 131 has shown that he had denied having given ₹ 15,00,000/- against the sale consideration as claimed by the assessee. Thereafter Shri Shakeel Khan had sold this plot subdividing to third party on subsequent date through registered sale deed. There is no evidence about subsequent sale and what status has been shown in the registered sale deed of Shri Shakeel Khan. On verification of bank account, it is also clear that assessee has withdrawn money from the bank account in which cash of ₹ 15,00,000/- were deposited for purchase of residential house. It is also found from the copy of account that assessee had also taken loan from Punjab National Bank for construction of the house. All these facts are required to be re-examined by the AO which has not been considered at the time of assessment as well as by the ld. CIT (A), which shall explain the nature of transaction. Accordingly, we set aside this issue to the file of AO for fresh decision after affording opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes.
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