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2018 (9) TMI 1018 - AT - Income TaxAddition on account of undisclosed cash deposit in the assessee’s bank account - explanation of the assessee regarding the source of ₹ 49.00 lacs was not accepted by the ld. CIT(A) on the ground that when the amount was withdrawn from the bank at the time of purchase of agricultural land in the financial year 2005-06 then the claim of keeping the said amount of ₹ 49.00 lacs for last 2-3 years in hand was not satisfactory when the assessee has not explained the utilization of the said amount in the mean time Held that:- Assessee withdrawn ₹ 88,50,000/- for purchase of land, however, the assessee claimed that only ₹ 46.00 lacs was utilized for purchase of land during the financial year 2006-07 and the balance was with the assessee. This explanation of the assessee is otherwise not acceptable as the utilization of the amount for purchase of agricultural land has been explained by the assessee only to the extent which was shown in the titled document and not actual amount of purchase consideration. The preponderance of probability is against the assessee that the entire amount which was withdrawn at the time of purchase of agricultural land was utilized by the assessee for payment of purchase considerations of agricultural land when the assessee has failed to explain the time gap of two years for keeping such a huge amount of ₹ 49.00 lacs/42.50 lacs in hand. Accordingly, we do not find any substance or merits in the present appeal of the assessee and hence the same is hereby dismissed. - Decided against assessee
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