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2011 (3) TMI 1250 - AT - Income TaxUnaccounted cash received on land transaction - Search and seizure - Held that:- Even though the amount of Rs. 1.51 crores was received by the assessee in cash and the same was neither recorded in its books of account nor was there any evidence to show the refund thereof to the party except the self-serving statement made by the assessee and the said party, the fact which remains to be seen is that the said amount was received by the assessee against the transaction of land as per the memorandum of understanding found in the course of search. There was thus a conclusive evidence in the form of memorandum of understanding to show that the amount of Rs. 1.51 crore was received by the assessee in cash as earnest money o advance against the transaction of land - Decided in favor of the assessee
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