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2017 (4) TMI 1482 - AT - Income TaxAddition u/s 68 - Unexplained cash deposited in the bank account - assessee explained the source of deposit as sale consideration of the agriculture land - HELD THAT:- Assessing Officer has not disputed the sale of agriculture land on 23.6.2008 for a consideration of ₹ 46,99,500. Therefore when this amount of sale consideration was not utilized by the assessee for any other purpose then merely because the assessee has not deposited this amount in the bank prior to this year cannot be a reason for denial of explanation. Accordingly, when the assessee was having sufficient cash with her as a sale consideration of agriculture land then the same cannot be ignored or denied as a source of deposit in the bank. Further there is no dispute that this is a transaction of deposit in the bank therefore the issue of applicability of Section 68 arises in view of the various decisions of this Tribunal as well as the decision of Hon'ble Bombay High Court in the case of CIT Vs. Bhaichand N Gandhi [1982 (2) TMI 28 - BOMBAY HIGH COURT] - thus the addition made under Section 68 of the Act is deleted. - Decided in favour of assessee
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