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2019 (2) TMI 806 - AT - Income TaxAddition u/s 68 - source of such deposits in the banks - receipt of advance from proposed sale of property - genuineness and credit worthiness of transactions - Held that:- The assessee cannot produce the person for confirmation, because he is no more. The assessee was creditor to him. The assessee has been alleging that part of the money received back in cash. In these circumstances, unless there is other evidence with the AO to believe that the assessee has some other source of earning should not be disbelieved. If this was not the source for the assessee to deposit ₹ 16 lakhs, and there should be some other mode which can be expected that the assessee must have earned income from that mode. No such things could be brought on record. Generation of agriculture income could only be estimated by considering the land holding. The man has deposed that he was having sufficient resources and paid advances for purchase of a office space. It is difficult to ascertain the exact affairs of what vendee planned for future of his children for acquiring such office space and from where he has arranged the money. But surrounding circumstances is clear that he remained strict to his stand that a sum of ₹ 10.10 lakhs was given to the assessee. In such circumstances, if any unexplained money possessed by him, ought to be considered in his case and not in the hands of the assessee. It is to be appreciated that the assessee has explained the source and proved genuineness of the transaction. Owner of 15 bigas of agriculture land with one son running pan-shop and another son working in dyeing mill, it can be expected he must have the sources for arranging ₹ 10 lakhs for making investment in real estate. Therefore, we are of the view that the assessee is able to fulfill all the ingredient of section 68 and no addition deserves to be made in her hand. We allow this appeal, and delete both the additions. - Decided in favour of assessee.
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