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2022 (5) TMI 333 - ITAT DELHIUnexplained cash deposit in bank account of assessee - Application of theory of opening and closing cash balance - HELD THAT:- Assessee has specifically demonstrated by way of submitting relevant sale deeds that he has received cash amount of Rs.24,45,000/- as sale consideration from various land purchasers and executed 8 registered sale deeds during the financial year 2012-13 and the Assessing Officer has not considered this amount towards cash deposits in the bank account of the assessee. Therefore, in our humble understanding, this amount received in cash against sale consideration of land to 8 persons, has to be taken into consideration and the explanation of the assessee in this regard is plausible and sustainable one. We direct the Assessing Officer to recalculate the disallowance u/s. 68 of the Act by giving credit of Rs.24.45 lacs received by the assessee against sale of land to 8 persons during the immediately previous financial period which also gets support from the amount of opening cash balance in the hands of the assessee which was Rs.30,62,450/- . Accordingly, the appeal of the assessee is partly allowed sustaining the remaining addition of Rs.9,70,725/- (34,15,725 – 24,45,000). Appeal of assessee allowed.
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