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2016 (1) TMI 612 - ITAT AHMEDABAD

2016 (1) TMI 612 - ITAT AHMEDABAD - TMI - Addition u/s. 69A - Held that:- The issue in the present case is with respect to addition of cash deposits made in the bank account. We find that ld. CIT(A) has not accepted the submission of the Assessee of cash deposits to be out of the advance money on sale of land because he has noted that the land was not sold till the time of appellate proceedings and there was nothing on record to demonstrate the registration of land or of money having returned ba .....

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COUNTANT MEMBER For The Appellant : Shri S.N. Divetia, AR Respondent : Shri Dinesh Singh, Sr. D.R. ORDER PER ANIL CHATURVEDI, ACCOUNTANT MEMBER 1. This appeal filed by the Assessee is against the order of CIT(A), Gandhinagar dated 30.06.2011 for A.Y. 2006-07. 2. The relevant facts as culled out from the material on record are as under. 3. Assessee is an individual stated to be having income from salary and income from other sources. Assessee filed his return of income for A.Y. 2006-07 on 24.08.2 .....

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ter before ld. CIT(A) who by a consolidated order for A.Y. 06-07 to 08-09 dated 30.06.2011 granted partial relief to the Assessee. Aggrieved by the aforesaid order of ld. CIT(A), Assessee is now in appeal before us and has raised the following ground:- 1.1 The order passed u/s.250 on 30.06.2011 for A.Y.2006-07 by CIT(A)GNR, Abad, upholding the addition to the extent of ₹ 15,69,300 as unexplained investment u/s. 69A is wholly illegal, unlawful and against the principles of natural justice. .....

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eld the addition to the extent of ₹ 15,69,300 being peak credit in bank accounts as unexplained investment u/s. 69A. 3.1 The Id. CIT(A) has erred in rejecting the explanation of the appellant with regard to the cash deposits made in the bank account, though necessary evidence was produced before him. 3.2 That in the facts and circumstances of the case, the Id. CIT(A) ought not to have rejected the explanation of the appellant with regard to the impugned cash deposit in the bank. 4.1 Withou .....

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ds but the only issue that requires adjudication is with respect to addition of ₹ 15,69,300/- u/s. 69A of the Act. 6. A.O noticed that Assessee had deposited cash of ₹ 22,19,500/- in Saving Bank account maintained with HDFC Bank. The Assessee was asked to furnish details and evidences and explain the source of cash deposits. Before A.O as far as cash deposits of ₹ 10,50,000/- is concerned, it was stated to be part payment receipt on sale of agricultural land and the balance dep .....

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ndicated that the land which was claimed to have been sold was not in fact sold up to the date of issue of Form No. 7/12 and that Assessee s father was still in possession of the land. As far as explanation of the Assessee with respect to the cash deposits of 14,69,500/- to be out of the cash withdrawals made earlier is concerned, A.O was of the view that the statement prepared on the basis of peak working could not be accepted because the claim of cash receipts of ₹ 10,50,000/- towards pa .....

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t it was the sale consideration of ancestral agricultural land .The appellant had failed to produce copy of sale deed, copy of bankhat etc. I agree with the AO that the consent letters stating simply that it was decided to purchase' were not reliable. The said land was not sold even till date of issue of Form 7/12 or even till date (i.e. of these appellate proceedings). It is not acceptable even as per normal practice and probability of human behavior that moneys are given in advance without .....

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m father has been given and no other source has been accepted. The AO has given credit to the fact that the land was in the name of father who was having agricultural activities and income. The assessee has even tried to explain certain sources as past savings and as loans received from father-in-law etc. The statement of the assessee was recorded and he was not able to tell when and by what mode the so called loan was received. He has not been able to give how when he had small declared income .....

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he AO has correctly treated them as explained because these were taken as advances to certain parties and amounts received back from them. As first advances were given and then received back, there was no question of unexplained credits. The assessee had first given a working of peak cash credit which was found not correct. He was asked to incorporate all bank accounts together to work out the peak. Further, it could not be accepted that all withdrawals were re-routed into the bank account. The .....

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II) Peak Credit amount (III) Addition required to be made u/s. 68 (iv) Remarks (V) 2006-07 21/12/2005 ₹ 15,69,300 Rs.15,69,300 2007-08 07/12/2006 Rs.9,23,740 Nil As the peak of earlier year covers it. 2008-09 14/02/2008 Rs.15,09,276 Nil As the peak of AY 06-07 covers it. Therefore, the addition of ₹ 15,69,300/- is made and confirmed u/s.69A (instead of Sec.68, wrongly mentioned by AO) for AY 2006-07 as being unexplained monies deposited in the bank account. Although, the credits are .....

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