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2017 (1) TMI 175 - AT - Income TaxUnexplained cash deposit in ICICI and Axis Bank - Held that:- We find that the revenue was not able to prove with material evidences on record that the previous withdrawals made in the said bank accounts were utilized for some other purposes by the assessee thereby failing to act as a source for future cash deposits. It is not in dispute that the assessee had received a sum of ₹ 5,58,719/- in cash from M/s Piyanshu Projects Pvt Ltd towards transport receipts apart from cheques received from them. It is also not in dispute that the assessee was in receipt of hire charges from M/s Piyanshu Projects Pvt Ltd. This fund is also available for explaining the source for cash deposits. With regard to the cheque deposits of ₹ 10 lacs and ₹ 5 lacs credited in the said bank account, we find that the assessee had duly explained the source and nature of those credits together with the party (Sri Suresh Kumar Gourisiria) from whom the same were received which were also subject to verification by the Inspector of Income Tax. With regard to the other cheque deposits of ₹ 5 lacs and ₹ 2.50 lacs, the same were explained by the assessee to be received towards sale of cars. This fact has not been disputed by the revenue before us. In fact, the same AO had accepted this fact while framing a separate addition towards capital gains on sale of the said cars. Hence we hold that there is no case made out by the revenue for making an addition in the facts and circumstances of the case. - Decided against revenue Unexplained investment in Max Life Insurance - Held that:- We find that the ld CITA had categorically observed that the investment in Max Life Insurance is duly reflected in the cash book of the assessee. This finding has not been controverted by the revenue before us. Hence we find no infirmity in the order of the ld CITA in deleting addition - Decided against revenue Unexplained advance receipt and payment made to two different parties - Held that:- We find that the sums of ₹ 15,00,000/- has been received as advance from Suresh Kumar Gourisaria which fact was also accepted by the ld AO pursuant to the physical verification by the Inspector of Income Tax. However, he only observed that the nature of the transaction has not been proved by the said party with evidence. We find that the ld CITA had also stated that the said sum was received as advance from the said party which was also refunded to the said party on 22.2.2011. He also observed that the assessee had indeed registered the sale deed for which the advance was originally received from Mr. Suresh Kumar Gourisaria but the deal did not fructify and ultimately the sale deed was registered in favour of M/s. Riddhi Siddhi Health Care Pvt Ltd on 11.2.2011. None of these facts were controverted by the revenue before us. - Decided against revenue
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