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2021 (1) TMI 457 - AT - Income TaxUnexplained cash deposits in Standard Chartered Bank - unexplained investment and income from undisclosed source - HELD THAT:- Assessee had duly substantiated on the basis of supporting documentary evidence that was filed with the lower authorities the availability of cash with him on 28.03.2007 i.e. on refund of earnest money pursuant to cancellation of the 'agreement', dated 09.01.2005. Although, the CIT(A) in the course of the appellate proceedings had forwarded the additional documentary evidence that was filed by the assessee in order to support his claim as regards the source of the cash deposits of ₹ 18 lac in his bank account with Standard Chartered Bank, Jalandhar, however, we find that there is no whisper of any rebuttal of the said claim of the assessee in the 'remand report' dated 02/03.12.2016 filed by the A.O. If the A.O. in the course of the remand proceedings would had any doubts as regards the veracity of the aforesaid claim of cancellation of the 'agreement, dated 09.01.2005, then he would have cross-verified the same and/or called for further details from the assessee. In the backdrop of our aforesaid observations, we are unable to persuade ourselves to subscribe to the view taken by the CIT(A) that the assessee had failed to substantiate the availability of funds with him pursuant to the cancellation of the aforesaid 'agreement', dated 09.01.2005. Assessee had sufficient amount available with him on 28.03.2007 for making of cash deposits of ₹ 9 lacs each in his bank account with Standard Chartered Bank, Jalandhar on 04.04.2007 and 05.04.2007, therefore, the same could not have been added as an unexplained investment in his hands - Decided in favour of assessee.
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