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2022 (8) TMI 1131 - AT - Income TaxUnexplained bank deposits - addition made as assessee failed to discharge his onus in establishing the genuineness of the land transaction and deposit in his bank account - onus to prove - Assessee’s replied that he had sold the agriculture land during the Financial Year 2008-09 relevant to the Assessment Year 2009-10 - HELD THAT:- CIT(A) has not adverted to the submissions of the assessee that the amount was deposited out of the sale consideration of the agricultural land. The factum of execution of Sale Deed is well established from the Sale Deeds filed by the assessee. Thus find that neither the AO nor the Ld.CIT(A) conducted any inquiry regarding the verification of the claim of the assessee that the sale consideration was the source of cash deposited in the assessee’s bank account and also advance from one of the relatives. No material is placed on record to rebut the findings of assessee - therefore, direct the AO to delete the impugned addition. Thus, grounds raised by the assessee are allowed.
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