9911796707
TMI Blog2012 (7) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. 3. We have heard the Departmental Representative and have gone through the material on record. 4. The facts emerging from the orders of revenue authorities are that during the month of November, 2006 there were three deposits of Rs. 5 lacs each on November 01, November 02 and November 14 respectively in the bank account of the assessee. during the course of assessment proceedings, the AO enquired from the assessee the source of these three deposits. The assessee filed a written submission on 18-12-2009 before the AO wherein he submitted that "The assessee had entered into an agreement for the purchase of a plot of land at S No 160, AS & C at Village, Paighar, Dist Thane. A cheque as an advance was given by the assessee f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of the Agreement for the purchase of the plot of land. 3. However the said Agreement could not be concluded as the title of the property was not clear and thus had to be cancelled and the amounts were received back on 1 November, 2 November and 14th November 2006 Rs. 5,00,000/- each and the same are deposited immediately into the saving bank account of the assessee. At the time of the cancellation a document for cancellation of the Agreement was entered into. In support of the said claim, copy of the said cancellation Agreement was also produced with the Assessing Income-tax Officer. 4. An amount of Rs. 20,00,000/- was received from M/s. Housing Development and Infrastructure Ltd. on 1st June 2006 for the purpose of purchase of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 31-05-2006 for the purchase of the land from M/s Housing Development and Infrastructure Ltd. The money was received by cheque and credited into savings account of the assessee in Bassein Catholic Co-operative Bank, Manikpur Branch, on 01-06-2006. Out of this amount of Rs. 20 lacs credited into the account, assessee withdrew cash on 06-06-2006 and paid Rs. 15 lacs on the same date to Mr. Anton B. Rodrigues. The CIT(A) further observed that the entry regarding withdrawal of cash from the amount of Rs. 20 lacs is reflected in the bank account of the assessee. This was paid for the purchase of the property. 7. This deal between the assessee and Mr. Anton B. Rodrigues could not be finalised due to dispute in the title of the property and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r by the appellant during the assessment proceedings and the copy of this letter submitted to the AC stating the above facts has been placed on record by the appellant. The confirmation regarding the cheque of Rs. 20,00,000/- given by the M/s. Housing Development and Infrastructure Ltd. dated : 31.05.2006, the copy of the sale agreement of the land dated: 03.06.2006, the copy of the cancellation deed dated 10.11.2006 clearly shows that the contention of the appellant are correct and there is no reason to disbelieve the same without placing any contrary evidence on record to that effect." The CIT(A) finally held that the action of the adding back Rs. 15 lacs to the income of the assessee as unexplained cash deposit in the bank account is no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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