TMI Blog2012 (10) TMI 747X X X X Extracts X X X X X X X X Extracts X X X X ..... was received by his father on account of sale of agricultural land, thus considering the social status and living standard and other attendant circumstances, the only inference that should have been drawn by the A.O. must have been in favour of the credibility of the explanation rather than the materiality of evidence - in favour of assessee. - ITA No.301/Ind/2011 - - - Dated:- 17-7-2012 - Shri Joginder Singh And Shri R.C. Sharma, JJ. Appellant by Shri R.A. Verma Respondent by Shri S.S. Solanki ORDER PER JOGINDER SINGH, judicial member The Revenue is aggrieved by the impugned order dated 30.8.2011 wherein the learned first appellate authority deleted the addition of Rs. 30 lacs made under section 68 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any conclusion, we are reproducing hereunder the relevant portion of the order of Commissioner of Income Tax (Appeals) :- 4.1 The appellant has contended that a sum of Rs.30,00,000/- was received in cash in addition to the cheque of Rs. 26,30,000/- from Shri Jaikumar Bajaj who was examined by the A.O. u/s 131 He has refused to have any involvement in the transaction. The A.O. has also noted that from his statement, the fact of receipt of cash of Rs. 30,00,000/- from the purchaser of the agricultural land is not proved. The appellant has cited several decisions in support of his contentions. In all the cases cited by the appellant, the concerned assesses had only agricultural income and additions made by A.O. were deleted on the ground t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and there was no other source of income of the family. The amount of Rs. 56,30,000/- deposited in Bank of India, Simrol branch was out of only the sale proceeds of agricultural land and no other source of income was there. It is further stated in the affidavit that the purchaser got the sale deed registered at Rs. 26,30,000/- as per prevalent guideline and no reference of Rs. 56,30,000/- was made in registration document for the reason that the purchaser may to have pay more stamp duty. The affidavit was submitted before the A.O. during the assessment proceedings on 29.11.2010. The A.O. has not rebutted the contentions made in the affidavit. Xxx xxxx xxxx 4.5 Considering all the relevant facts and circumstances of the case it is found ..... X X X X Extracts X X X X X X X X Extracts X X X X
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