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TMI Blog2014 (1) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits found in the bank accounts of the assessee. 3. The facts relating to the issue are stated in brief. The assessee is a teacher by profession. The Assessing Officer received information to the effect that the assessee was in receipt of bank interest from IDBI bank and HSBC bank. Further she had invested a sum of Rs. 10.00 lakhs in Reliance Mutual Fund. Accordingly, the Assessing Officer requested the assessee to furnish the relevant details. From the bank accounts of the assessee, the Assessing Officer noticed that the assessee had made deposits to the tune of Rs. 20,75,000/- in HSBC Bank and Rs. 10.00 lakhs in IDBI Bank. It was also noticed that the assessee made a deposit of Rs.4,50,000/- in ICICI Bank also. Thus, in aggregate, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33,50,000/-, the Assessing Officer gave credit to the tune of Rs.3,75,000/- only and treated the balance of Rs. 31,50,000/- as unexplained cash credit u/s. 68 of the Act. The assessee challenged the order of the Assessing Officer before the Ld. CIT(A) but could not succeed. Hence the assessee has filed this appeal before us. 4. The Ld. Counsel appearing for the assessee submitted that the assessee has sold the property for a sum of Rs. 33,50,000/- even though the sale consideration was mentioned as Rs.7,50,000/- only in the conveyance deed. The Ld. Counsel invited our attention to the copies of e-mails sent/received to/from the son of the purchaser named Shri Alwin Chellappan, which are placed in the paper book filed by the assessee. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut the assessing officer did not take any effort to confirm the same from the purchaser. Accordingly, he prayed that the sale consideration may be taken as Rs.33,50,000/- and appropriate relief be given. 5. On the contrary, the Ld. DR submitted that the registered sale deed shows the sale consideration of Rs. 7,50,000/- only. She further submitted that the responsibility to substantiate the claim of receipt of sale consideration at Rs.33,50,000/- lies upon the assessee. However, the assessee has failed to produce any confirmation letter from the purchaser of the property to substantiate the claim of receipt of Rs. 33,50,000/- as sale consideration. Thus, the assessee has failed to discharge the burden placed upon her. Under these circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum of Rs.29.57 lakhs. These facts clearly show that the said property could not have fetched a price of only Rs.7.50 lakhs as shown in the conveyance deed, that too after expiry of about 10 years from the date of purchase. It is not the case of the AO that the said property was sold under distress situation. Hence, the sale price of Rs.7.50 lakhs shown in the sale deed does not fit into the logic of human probabilities. 8. Now we shall examine the claim made by the assessee about the sale consideration of Rs.33.50 lakhs. The assessee (e-mail : [email protected]) has mainly placed reliance on the e-mail correspondences she made with the son of the purchaser named Shri Alwin Chellappan ([email protected]). The assessee has filed copie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Stamp authorities as well as the income tax department. Under this kind of situation, it cannot be denied that it would be very difficult for a seller to obtain the confirmation letter from the buyer. 10. The Ld A.R, during the course of arguments, submitted that the assessee has received the amount of Rs.33.50 lakhs by way of demand drafts and cheques and hence it was possible for the AO to verify the origin of those instruments. The assessee has also furnished a copy of sale deed to the AO, wherein the Permanent Account Number and address of the purchaser are available. However, it seems that the AO did not take any effort to verify the claim made by the assessee from the purchaser. In fact, the e-mail sent by Shri Alwin Chella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue. The Revenue, apart from issuing notices u/s. 131 at the instance of the assessee, did not pursue the matter further. The Revenue did not examine the source of income of the said alleged creditors to find out whether they were creditworthy or were such who could advance the alleged loans. There was no effort made to pursue the so-called alleged creditors. In those circumstances, the assessee could not do anything further. In the premises, if the Tribunal came to the conclusion that the assessee has discharged the burden that lay on him, then it could not be said that such a conclusion was unreasonable or perverse or based on no evidence. If the conclusion is based on some evidence on which a conclusion could be arrived at, no question o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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