Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 729 - ITAT DELHIUnexplained cash deposit in bank account - Held that:- The assessee had entered into in an agreement with one Sh. Rajesh S/o Sh. Rajender Singh for sale of his ancestral agricultural land for ₹ 60 lacs and advance of ₹ 30 lacs was received on different dates as mentioned in agreement to sell and copy of the same was filed before the AO in remand proceedings. The AO in his remand report Dt. 23.12.2015 has admitted this fact and affidavit of the purchaser was also obtained by the AO. An affidavit is a valid piece of evidence as has been held by the Hon'ble Supreme Court of India in the case of Parikh and Co vs CIT [1956 (5) TMI 4 - SUPREME Court ]. The AO has admitted to the fact of the affidavit, dated 8.9.2015, affecting the repayment. The AO has however merely stated that no evidence was produced regarding the repayment, but no efforts were made by him. Filing of the affidavit and the fact the AO has made no effort to prove that it is false, makes the addition contentious. Hence, the Ld. CIT(A) has rightly deleted the addition which does not need any interference on our part, hence, uphold the same. Addition of ₹ 10,09,837 is concerned AO has admitted to the fact of the affidavit, dated 8.9.2015, affecting the repayment. The AO has however merely stated that no evidence was produced regarding the repayment, but no efforts were made by him. Filing of the affidavit and the fact the AO has made no effort to prove that it is false, makes the addition contentious. The addition of ₹ 10,09,837/- received through cheques. During the year under appeal the assesse had sold part of his ancestral agricultural land along with his other family members for ₹ 32,55,000/- and the assessee had received two cheques of ₹ 945000/- (708750.00+236250.00) as his share. The other credit entry of ₹ 64837/- on 18.05.2005 is on Alc transfer from BC 334. The AO had not bothered to verify from bank. The credit entry in the bank were from the sale proceeds of agriculture land and transfer entries. The entries relate to cheque deposits made on account of receipt of sale of land. The AO has made no effort to disprove the assessee’s claim. There is no concrete evidence to disprove the assessee, hence, Ld. CIT(A) has rightly deleted the addition in dispute. - Decided against assessee
|