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2015 (8) TMI 356 - AT - Income TaxUnexplained deposits in the bank - sale of land - Held that:- Undisputedly the sale consideration declared in the sale deed was at ₹ 1,80,000/- and accordingly, the stamp duty was paid thereon on its registration. The assessee has jointly owned the agricultural land, therefore, the share was shown to be at ₹ 90,000/-. It is also an admitted fact that assessee has initially filed original return of income declaring the capital gains on the basis of the sale value of ₹ 90,000/- of his share. But when the substantial amount of cash deposits in the bank was noticed, the assesee has taken a different pleas. Initially it was contended that the source of deposits was from agricultural income and later on he took another stand that it was out of the sale consideration received on sale of agricultural land. In support thereof no evidence was filed. Though the AO has asked the assessee to furnish the confirmation letters of the buyers or any other evidence in support thereof. At the instance of the assessee the buyer was also examined by the AO and she has categorically denied the payment over and above the sale consideration declared for the sale deed. Copy of the statement is also filed before us. Except the affidavit of the assessee in support of his contention, no other evidence is available on the basis of which an inference can be drawn in favour of the assessee. Affidavit of assessee is a self serving document, therefore, on the basis of affidavit, the additions made by the AO cannot be deleted. We have also carefully examined the various judgments referred to by the assessee and we find that these judgments are rendered on computation of long term capital gains, but in those judgments there was no dispute with regard to sale consideration received by the assessee. We therefore held that Revenue authorities have rightly treated the cash deposits in the bank account of the assessee as unexplained cash deposits and made the addition of the same. Case of CIT vs. Intezar Ali distinguished [2013 (8) TMI 704 - ALLAHABAD HIGH COURT]. - Decided against assessee.
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