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2016 (4) TMI 579 - AT - Income TaxAddition on account of unexplained cash deposits in bank account - Held that:- Only a photocopy of agreement cannot be held as sufficient corroborative evidence for the explanation. During the course of hearing ld. Counsel on queries contended that the possession of plot was given at the time of agreement after receiving the cash from Mangilal Jalan of Gauhati. Though sale transaction was completed capital gains were not offered in the return as assessee assumed that sale was not liable for capital gains. Thereafter, assessee has lost track of close relative who has never legally demanded registration of sale deed. Since the assessee received sale amount of plot no further efforts or care was taken. It is contended that except copy of agreement here is no other correspondence, evidence or exchange of any letters between relatives for sale deed registration or mutation of title. In my considered view the assessee’s explanation is bereft of any credible corroboration of evidence, surrounding circumstances, human conduct and preponderance of probabilities which are sine qua non of the income tax proceedings as held by Hon’ble Supreme Court in the case of Sumati Dayal [1995 (3) TMI 3 - SUPREME Court ] . The explanation canvassed by assessee defies logic and fails to invoke any confidence. In view of the foregoing have no hesitation to hold that assessee failed to discharge burden cast by I T Act in this behalf. - Decided against assessee
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