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2022 (8) TMI 1432 - AT - Income TaxAddition on account for cash deposits in Bank account - purchaser admitted that the advance was paid as mentioned in the agreement to sell but did not agree to the payment of the total amount mentioned as a sale consideration - HELD THAT:- As assessee i.e; the seller as well as the purchaser acted in accordance with the contents mentioned in the agreement to sell and the assessee received the amount on behalf of the co-owners and himself, out of the said amount, cash was deposited in the bank on the next day of getting the sale deed registered. The contents mentioned in the agreement to sell i.e; the payment of advance money of Rs. 40,00,000/- for sale of 12 Acres agricultural land, were accepted by the seller as well as the AO as genuine then there was no reason to doubt the genuineness of other part of the agreement to sell i.e; the 12 Acres of land was sold @ 21,00,000/- per Acre for a sum of Rs. 2,52,00,000/- which was sufficient to explain the deposit of Rs. 2,05,50,000/- on 04/01/2011 i.e; the next day of registration of sale deed. We therefore considering the totality of the facts as discussed hereinabove deem it appropriate to delete the impugned addition made by the AO and sustained by the Ld. CIT(A).
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