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2016 (7) TMI 1315 - ITAT PUNEAddition made on account of cash deposits in bank - whether the assessee who had entered into an agreement to sell the property has received the amount in cash from known sources? - Held that:- The assessee has furnished on record the complete information in respect of source of availability of cash in the hands of lenders i.e. Mr. Vinod Joshi and Mr. Sanjay Loharkar. Once the sources are known to the assessee and the same have been explained by way of filing confirmations and the relevant documents and also the persons who have given the amount have accepted to have given, there is no merit in making any addition in the hands of assessee. The said advances have been made to two co-owners of the property i.e. the assessee in the present case and Shri Sanjeev Gajanan Rasane. The assessee points out that the total consideration fixed was ₹ 90 lakhs and ₹ 45 lakhs was received by both the co-owners i.e. including the assessee. The assessment in the case of Shri Sanjeev Gajanan Rasane has been completed under section 143(3) vide order dated 07.03.2013 and no addition in this regard has been made in the hands of co-owner. In the totality of the above said facts and circumstances of the case, there is no merit in any addition in the hands of assessee and the same is deleted. Accordingly, an addition of ₹ 44,69,950/- made in the hands of assessee is deleted. This ground of appeal raised by the assessee is thus, allowed. - Decided partly in favour of assessee.
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