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2018 (6) TMI 1047 - ITAT DELHIAddition representing cash deposited in the Bank account of the assessee maintained with Yes Bank Ltd. - Held that:- The payment transaction is also evidenced from a copy of the assessee’s bank account with Yes Bank Ltd., which is available on record. The genuineness of this Agreement has not been doubted by the AO in remand proceedings. This shows that the assessee received cash of ₹ 2,00,000/- from Sri Bhupinder Singh and returned the same with damages of ₹ 50,000/- again through his bank account. Both the transactions are recorded in the same bank account. Thus, it is palpable that the source of deposit of ₹ 2,00,000/- in the bank account of the assessee is properly explained. As such, no addition is warranted on this score. The same is directed to be deleted. Agreement for purchase of a plot cancelled - Held that:- only a receipt of ₹ 6,00,000/-, which was deposited by the assessee in his bank account but the payment by the assessee to Sri Harjeet Singh for a sum of ₹ 6,60,000/- was also through the same bank account. Both the transactions of receipt and payment of cash are evidenced from a copy of the bank statement placed on record. As such, as satisfied that the assessee has successfully explained the source of deposit of ₹ 6,00,000/-, for which no addition is warranted Enhancement in respect of two loans raised - Held that:- CIT(A) has made enhancement of ₹ 6,60,000/- in respect of two loans raised from Sri Iqbal Singh and Sri Harjeet Singh, which were not the subject matter of assessment proceedings. There is no whisper, much less any discussion in the assessment order on these two loan transactions. Respectfully following the ratio decidendi flowing from the Full bench judgment SARDARI LAL & CO [2001 (9) TMI 1130 - DELHI HIGH COURT] hold no enhancement could have been made in respect of such two loans.
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