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Prakash Malik Versus ITO, Ward-4, Panipat

2015 (12) TMI 23 - ITAT DELHI

Addition towards sale proceeds and undisclosed investment - Held that:- Assessing Officer in assessment order did not mention any statement given by the parties who have given cash to the assessee neither there is any reference related to lease deed and revenue records and its extracts in the assessment order. Therefore, the crucial evidence and the statement of the parties should have been taken into consideration while passing the assessment order by the Assessing Officer. The Ld. CIT (A) also .....

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AMBLE, JM This appeal is filed against order dated 31/5/2011 passed by the Ld. CIT(A), Karnal for the Assessment Year 2007-08 by the assessee. 2. The grounds of appeal are as follows:- 1. Under the facts and circumstances of the case the worthy Ld. CIT(A) erred in confirming the following additions. 195000.00: Deposit in the S/B account on 18/9/2006 Explained to be received by assessee as contract money against Agri. land at Village Bhaiswal. 180000.00: Deposit in the S/B account on 9/1/2007. Ex .....

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P. Further the Land in question is situated in the most fertile Area (along the G.T. Road Belt) of Haryana yielding High Agri. Income/Yield. The Assessing Officer and the Worth C.I.T (Appeals) failed to appreciate the factual position and made above said additions by rejecting all the explanations and Evidence produced before them, just on conjunctures and surmises. 2. The actions of worthy CIT(A) rejecting the claim of improvement in the form of boundary wall and others, made at the cost of  .....

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land. During the course of assessment proceedings it was noticed that the assessee has deposited certain amount in her bank account maintained with Punjab & Sindh Bank, Panipat. The assessee was asked to explain the source of deposits in her abovementioned bank accounts. The assessee has filed her explanation vide letter dated 30/11/2009 wherein she stated that on 18/9/2006 ₹ 1,95,000/- cash was deposited in her account being advance lease rent money for 2 acres of agricultural land a .....

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77; 1 lac deposited in the bank received from Jagmender Singh son of Shri Zile Singh being agricultural land given on contract for agriculture purpose at Village Sinkh. On 23/1/2007 ₹ 3 lacs deposited in the bank against withdrawals made on 16/1/2007 of ₹ 1.80 lacs and on 19/1/2007 of ₹ 1.20 lacs from the same bank account. On 7/2/2007 withdrawals of ₹ 9 lacs made for investment made in the LIC for the period of 5 years. On 14/2/2007 and 21/3/2007 ₹ 2 lacs each rece .....

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