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2015 (4) TMI 1127 - ANDHRA PRADESH HIGH COURT

2015 (4) TMI 1127 - ANDHRA PRADESH HIGH COURT - TMI - Unexplained cash credit - Held that:- In the absence of material evidence, the revenue has treated these advances as a cash available in the hands of the assessees. Similar is the position before us as nothing is placed to prove these facts. Income Tax Appellate Tribunal is right in disbelieving the version of the assessee regarding the advances paid for the purchase of agricultural lands during the relevant years - W.T.A.No.7 OF 2015 - Dated .....

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ersion of the assessee regarding the advances paid for the purchase of agricultural lands during the relevant years? 2. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in treating the advances given by the assessee as cash on hand and treating the same as addressable under the Wealth Tax Act? 3. Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal is justified in disbelieving the proof produced by the assessee to .....

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illegal and perverse? We have heard the learned counsel for the appellant and gone through the impugned judgment and order of the learned Tribunal. We are unable to admit this appeal for the following reasons. The learned Tribunal has come to a fact finding, on the issue of unexplained cash credit, in the manner as follows. In all these cases, the assessees have taken a common stand that the agricultural income was accumulated over a period of years 1980-81 from the agricultural income earned f .....

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h regard to the ownership of the agricultural holdings and also the person who cultivate the agricultural land. In the absence of any documentary evidence or otherwise, we are unable to accept the contention of the assessees that they have ever cultivated the agricultural land in any of the years. Since the opening cash balance as on 31.3.2001 was shown by the assessees in their cash flow statement filed before the CIT(A), the onus is upon them to prove the accumulation of the opening balance as .....

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e an income of the individual assessee S. Appa Rao. On the question of receipt of gift of ₹ 50,000/- in cash, the learned Tribunal has found as follows: Before the lower authorities, the assessee has not filed a satisfactory explanation from whom he has received the gift. Despite of repeated request of the A.O., the assessee could not file the confirmation letters nor could he produce him for examination. Since the assessee could not prove the source of gift properly, the revenue has right .....

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