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2020 (9) TMI 228 - ITAT JAIPURAddition on account of cash deposit in the bank account - Expalination to source of cash as sale proceeds of the lands sold by the assessee along with other co-owners - HELD THAT:- Assessee is one of the joint owners of the land which was sold vide sale deed 08.04.2009. We further note that the cash was deposited in the bank account of the assessee with Oriental Bank of Commerce, Kishangarh on 09.04.2009. The date of cash deposit is subsequent to the date of sale deed dated 08.04.2009 which prima facie shows that the source of cash deposit has a direct nexus with the sale transaction of the land sold by the assessee jointly with other coowners vide sale deed dated 08.04.2009. Though the sale deed shows the sale consideration which is also the Stamp Duty Valuation however, once the assessee has brought on record the relevant facts as well as nexus between transaction of sale and deposit in bank account then only inference can be drawn from these facts and circumstances of the case is that the source of deposit of ₹ 27,50,000/- is the sale consideration of the land. AO has not brought anything contrary on the record during the remand proceedings such as examination of the purchaser. Therefore, in the absence of any contrary material the explanation of the assessee regarding source of cash deposit in the bank account cannot be disputed When the deposit of cash in the bank account is contemporaneous to the transaction of sale of land then in the absence of any contrary material the source explained by the assessee cannot be rejected. Hence, the addition sustained by the Ld. CIT(A) is deleted. - Decided in favour of assessee.
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