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2020 (3) TMI 539 - AT - Income TaxUnexplained cash Deposits - certain time gap between withdrawal and deposit - HELD THAT:- Assessee has explained that withdrawal of ₹ 15.2 lacs was made out of maturity of fixed deposit receipt of ₹ 14.67 lacs which was credited in his bank account on 16.04.2009 and opening balance of ₹ 91,667 in his bank account. The assessee has further explained that fixed deposit was made out of compensation amount of ₹ 16,14,382/- received from RIICO, Bhiwadi (Alwar) being 5/8 share in the ancestral agricultural land which was acquired by RIICO in the preceding financial year i.e. 2008-09. These are undisputed facts which are emerging from records and we therefore, find that the assessee has reasonably explained the source of cash deposit in his bank account which is the amount of compensation received on sale of his agricultural land. Where the compensation on sale of agriculture land is not disputed, the amount deposited out of such compensation cannot be disputed. The assessee has further explained that it has deposited the amount finally with RHB. Therefore, where the source and even subsequent deposit is clearly established in the instant case, merely on account of fact that there was certain time gap between withdrawal and deposit cannot be held against the assessee and thus, we do not see any justifiable basis for holding that the amount so deposited remain unexplained. - Decided in favour of assessee.
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