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2019 (2) TMI 2025 - AT - Income TaxUnexplained income - huge deposits in bank account - Surplus money arising on sale of agricultural land - CIT-A deleted the addition as AO had not been able to point to any other source of income apart from sale of agricultural land and therefore, the deposits in the bank accounts were to be treated as proceed of sale of agricultural land and therefore, exempt from taxation - HELD THAT:- Assessee filed documents before the Assessing Officer. If the Assessing Officer chooses not to cause any enquiry from the parties concerned, he cannot simply reject the sale consideration shown in the sale agreement. In this case the sale deed has been registered at a value which is below the amount actually received by the assessee and deposited in the Bank account. There was no material whatsoever or any circumstance, which could have suggested that the impugned amount was received by the assessee from any other source. The deposition of the purchaser by way of an affidavit filed with the authorities had shown a higher value which was sufficient to discharge the burden, which the AO had doubted the source of deposit. There was a sale agreement which was entered into by the assessee with the purchaser for sale of 11 acres of rubber plantation in Kokkayar Village, Idukki District at the rate of Rs.55,750/- per cent. This was also brought on record by the assessee vide letter dated 29/02/2016. The Assessing Officer in disbelieving the evidence had not given any reasons whatsoever to discard the evidence placed by the assessee so as to explain the deposit of sale consideration into various Bank accounts It is also brought to our notice that there was no assessment in respect of the payment of the said on-money in the hands of the purchaser by the Department. These evidences led by the assessee cannot be discarded without any reasons. In view of this, we are inclined to hold that the deposits made by the assessee in the Bank accounts were duly explained by the assessee and it is to be accepted as genuine source of deposits as there was no counter evidence brought on record by the Assessing Officer. - Decided against revenue.
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