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2023 (8) TMI 760 - ITAT SURATUnexplained credit/cash deposit - assessee sold five piece of agricultural land and assessee received sale consideration in cash, which is duly reflected in the sale deeds but AO added entire amount for the want of reply from assessee - CIT(A) confirmed the addition only reason for treating the cash deposit is the delay in deposit of such sale proceed in her bank account - HELD THAT:- It is a matter of fact that the assessee is residing in USA for more than 40 years. The revenue authorities have not brought on record that the assessee is having multiple bank accounts in India. There is no dispute that the sale consideration was received in cash. Considering all assessee does not maintain any other account except the account where the sale proceed was deposited. The assessee has also filed affidavit of Rameshbhai Ahir to corroborate the fact that such amount was kept with him and he deposited in the account of assessee. AO was not justified in making the addition. Loan amount from repayment from relatives - As assessee failed to disclose the name of relative who have allegedly repaid the loan amount to assessee by way of cheque. In absence of discharge of primary onus in disclosing the identity and genuineness of transaction, the assessee has not eligible for deleting the addition, accordingly, we uphold the same. In the result, ground related to the credit entry are confirmed. Levy of penalty u/s 271(1)(c) on various additions made in the assessment order - Considering the fact that substantial addition is deleted, therefore, penalty is also deleted. In the result, the grounds of appeal raised in this appeal are allowed. In the result, this appeal of assessee is allowed.
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