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2017 (6) TMI 343 - AT - Income TaxUnexplained money u/s 69A - Held that:- Assessing Officer in remand proceedings called the three purchasers and recorded their statement. AO however, did not accept explanation of the assessee and also alleged that against the cheque deposits on cancellation of agreement, cash was withdrawn and repaid to the assessee. However, no such evidence is available with the Assessing Officer in this regard. The allegation is merely on surmise and conjecture. The assessee has discharged the onus by producing the persons and specially where the assessee has produced the parties who have accepted that they had made advances to the assessee against agreement to sell and such agreement has been cancelled and amount has been repaid by cheque; the assessee having discharged his onus then the explanation of the assessee merits to be accepted. In the gamut of evidence filed by the assessee i.e ‘Visar Pavati’ issued at the initial stage, thereafter legal notice issued, cancellation of agreement and statement recorded of the parties, the onus upon assessee has been discharged and the plea of the assessee merits to be accepted. No addition is warranted on account of said cash deposits in the bank accounts on the surmise that cash has been withdrawn from bank account of the said persons. - Decided in favour of assessee. Addition made on account of two loan receipts by the assessee as advance from two different persons - Held that:- The amounts were received through cheques and deposits in the bank account of the assessee. The onus was upon the assessee to prove the identity of the persons, creditworthiness of the persons and genuineness of the transactions. However, the assessee was unable to discharge his onus in this regard. In the absence of the same, there is no merit raised by the assessee.
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