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2017 (11) TMI 1201 - AT - Income TaxUnexplained cash deposits in the bank account - Held that:- Where any sum is found credited in the books maintained by the assessee, the primary requirements, which should be satisfied cumulatively by the assessee in such cases is identification of the person, creditworthiness of that person and the genuineness of the transaction which has not been satisfied in the instant case. The explanation offered and material submitted by the assessee in support of its explanation is not wholesome, credible and verifiable. These requirements have been examined in the instant case having regard to the human probabilities and normal course of human conduct and we find that the explanation offered by the assessee at this stage does not passes this muster and the initial onus cast on the assessee has not been satisfied. In the instant case, the Assessing Officer has also carried out necessary verification and has rightly brought to tax the unexplained cash deposits found deposited in the bank account. We have also gone through the various decisions cited by the learned authorised representative and we find that the same have been rendered in the peculiar facts and are thus distinguishable and does not support the case of the assessee. - Decided against assessee. Unexplained cheques issued - Held that:- The learned Commissioner of Income-tax (Appeals) has given a finding that Shravan Kumar's bank account itself was opened on April 6, 2012 and therefore he could not have given cheques to the appellant in 2008. In response, the assessee has submitted that these cheques were made available and not issued by Shri Shravan Kumar. It was further contended that since Shravan Kumar was onward selling the land to other persons, he obtained two cheques of the above sums from those parties directly in the name of the appellant, so that his obligation of getting the cheques cleared in favour of sellers of land could be fulfilled. In our view, these are merely contentions and not supported by any credible evidence that cheques were issued by ultimate buyers directly in favour of the assessee. Further, in view of the detailed reasoning given in respect of ground No. 1 above, we affirm the order of the learned Commissioner of Income-tax (Appeals) to the extent of ₹ 15 lakhs. Regarding ₹ 1,10,491 which is claimed to be brokerage income and already offered in the return of income, the matter is set aside to the file of the Assessing Officer to examine the same and where it is found to be correct, allow the necessary relief to the assessee as the amount already offered cannot be brought to tax again. The ground of appeal of the assessee is accordingly disposed of. Capital gain computation - purchase through power of attorney - Held that:- Instead of entire sale consideration, only gain on sale of land should be brought to tax in the hands of the assessee as purchase through power of attorney has been claimed to have been executed on May 19, 2007 falling in the assessment year 2008-09. The matter is accordingly set aside to the file of the Assessing Officer for determination of quantum of capital gains which can be brought to tax as per law. The ground of the assessee is disposed of accordingly. Addition of gift received - Held that:- As per section 56(vii)(a), a gift of money without consideration from the wife's brother cannot be brought to tax as income in the hands of the assessee and an affidavit in this regard has been filed during the course of assessment proceedings. However, the contents of the confirmation/affidavit are not on record which can help determine the creditworthiness and genuineness of the transaction by way of gift as claimed. We accordingly confirm the order of the learned Commissioner of Income-tax (Appeals). At the same time, on a perusal of the assessment order, we find that there is no separate addition made by the Assessing Officer and the amount of ₹ 2 lakhs is part of unexplained cash deposit of ₹ 63,38,820 which has already been confirmed as discussed in ground No. 1 supra. In the light of the same, there would not be any separate addition on this account.
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