Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (4) TMI 134 - ITAT VISAKHAPATNAMAddition u/s. 69A - unexplained cash deposits in the bank account - assessee has mentioned about the receipts of sale consideration as per the sale of agreement in his books of accounts but contention of the Revenue is that the purchase agreement was not signed by the purchaser - HELD THAT:- On perusal of the Agreement of Sale, it is clear that the stamp paper is also in the name of the purchaser. Apart from the above, the assessee is engaged in the real estate business. Thus it is apparent that the assessee has received sale consideration of Rs. 30 lakhs as per the agreement of sale and filed the confirmation letter saying that the purchaser has paid the sale consideration to the assessee. Therefore, assessee has properly explained the source of cash deposit to this extent. For loan receipts assessee has availed a loan on 26/9/2016 and withdrawn the same on 29/9/2016. But, the assessee has deposited the said amount on 13/11/2016. The assessee has not properly explained as to why the loan was availed by the assessee and for what purpose he has withdrawn the amount on 29/11/2016 and deposited the same after one and half months. Therefore, the contention of the assessee is not tenable. Assessee has not properly explained the source for the cash deposit. Petty cash in hand for petty expenses and the same was deposited due to demonetization - As considering the assessee’s submissions and the assessee’s nature of the business and the material available on record, find force in the argument of the assessee and therefore the cash deposit of such amount is treated as explained. Deposit of old currency notes which are kept for petty expenses and obtained the new currency notes from the Bank we find force in the argument of the assessee and therefore the cash deposit hereof is treated as explained. Appeal of the assessee is partly allowed.
|