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2023 (5) TMI 1206 - AT - Income TaxUnexplained deposits in cash in bank - assessee's father was the owner of agriculture land and the said cash was deposited partly out proceeds from sale of agriculture land belonging to father - as argued AO only had taken the amount for depositing cash in bank but not consider the withdraw of cash during assessment proceeding - HELD THAT:- As it is very clear that the assessee filed the return for the impugned assessment year and the cash deposited from the well explained source for selling of the property of his father. The assessee is a power of attorney holder of his father for selling the land, copy of the power of attorney dated 17.02.2012 along with English Translation are duly. The documents are duly filed before both the authorities. After considering the factual matrix the assessee cannot be deemed assessee as mentioned by the AO in the remand report. In remand report the ld. AO accepted the fact that the properties are not related with the assessee and the cash was originated from the sale of property and the assessee’s own source which is explained in cash account of assessee. The concept of the deemed assessee cannot be sustained as per the explanation of section 159 and 160 r.w.s 2(7) - assessee is not liable for payment of tax related to sale of property which belong to his father. The source of cash deposited in bank accounts is well explained considering the cash trial of the assessee. AO had only considered the cash deposit. Deposit of cash was duly explained during the remand before the ld. AO. Entire issue was explained before both the lower authorities by the assessee. DR has not submitted any contrary fact or any judgment against the submission of the ld. AR. So, the addition made by the ld. AO is quashed. Decided in favour of assessee.
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