TaxTMI 
TaxTMI 
2016 (4) TMI 1090
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....f Rs. 19,00,000/- in my account "149442" The Bank of Rajasthan, Kota during the financial year 2008-09. The amount was received due to sale of the immovable parental property in the name of my father and Aunty (widow of my Uncle). This account was use by me as my Father was not having the PAN Number for Bank transaction at that time. I supported him as a witness for the money transfer. Later the amount was disbursed back to him and my Aunty. Details regarding that transaction i.e. registry copy of agreement of Property sale, copy of my bank account "149442" and copy of the ITR 2 Filed by my Father for assessment year 2009-10 to your good office has already been submitted during the course of assessment in July, 2011." It has been observed that Shri Niranjan Lal Sharma, father of the assessee has sold an agriculture land situated at village Tekhda, Tehsil Ladpura,Kota, Rajasthan for Rs. 30 lacs on 15.12.2008 through an agreement between self, family members of his deceased brother and received Rs. 19,50,000/- in cash on the date of agreement i.e. 15.12.2008 and the sale had been registered on 16.2.2009. In his affidavit dated 8.11.2011 (placed on file) he has also submitted that....
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....- was transferred to Smt. Vinita, the co-owner of the land on 22.12.2008. It is further noted that as per the agreement and affidavit filed by the appellant, the mount of Rs. 19,50,000/- was received by the appellant's father in cash in terms of the agreement to sell the land dated 15.12.2008. The PAN was allotted to him (the appellant's father Shri Niranjan) only on 24.12.2008. Hence, the appellant's father could not deposit the cash in his own bank account. These facts show that there was a reasonable cause for depositing Rs. 19,00,000/- in cash in the appellant's bank account. 4.3. It is further noted that even the Addl. CIT has accepted these facts mentioned in the submission of the appellant. In the penalty order, the Addl. CIT has observed as under : " It has been observed that Shri Nranjan Lal Sharma, father of the assessee has sold an agriculture land situated at village Tekhda, Tehsil Ladpura, Kota, Rajasthan for Rs. 30,00,000/- on 15.12.2008 through an agreement between self, family members of his deceased brother and received Rs. 19,50,000/- in cash o the date of agreement i.e. 15.12.2008 and the sale had been registered on 16.02.2009. In his affidavit dated 08.11.20....
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....allotted to his father on 24.12.2008 i.e. after the date of the deposit of amount in the Bank. A copy of Sale Agreement, Bank A/c and PAN Card along with Allotment Letter is hereby enclosed. The amount deposited in the Bank A/c of the appellant was returned back by him to his father & aunty (coowner) by cheque as under :- Date Cheque No. Amount 16.12.2008 116031 10,00,000/- (same day of deposit) 22.12.2008 116032 5,00,000/- (Smt. Vinita Devi Co-shares Of land) 06.01.2009 116034 4,00,000/- The same is also reflected in the Bank statement of the appellant and his father. At the time of the Sale Deed of the land, an amount of Rs. 10,50,000/- was received in Cash on 16.02.2009 by father of the appellant and the same amount was deposited by him in his A/c No. 107215. The Bank of Rajasthan Ltd. Kota as he was having PAN at that time. A copy of Sale Deed & Bank Statement is hereby enclosed. At the time of assessment proceedings, an Affidavit by father of the appellant was also filed stating the above facts. A copy of affidavit is also hereby enclosed. The father of the appellant also declared the above transaction in his IT return for that AY 2009-10 under the head "....
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....he said amount was not accepted by the banker of the father. The amount was thereafter deposited in the bank account on 16.12.2008 by the assessee. Immediately after depositing the amount, the amount of Rs. 10,00,000/- was transferred to the bank account of the father of the assessee Shri Niranjan Lal Sharma and the remaining amount was deposited by the assessee through account payee cheque in the accounts of Smt. Vinita Devi W/o late Shri Mahesh Kumar and Shri Ashish Sharma son of late Shri Mahesh Kumar. The assessee has also filed an affidavit with the Assessing Officer. The father of the assessee appellant has also declared sale transaction in his Income Tax return for A.Y. 2009-10. In our view, the assessee has given a reasonable cause for receiving the amount in his account and thereafter subsequently transferred the said amount to the account of his father and also the account of aunti Smt. Vinita Sharma and in the account of Shri Ashish Sharma, cousin of the assessee. In our view, since the assessee has given a reasonable cause for not complying with the provisions of section 271D, and the reasonable cause given by the assessee is plausible, in view thereof we have no hesita....