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2016 (9) TMI 339 - PUNJAB AND HARYANA HIGH COURT

2016 (9) TMI 339 - PUNJAB AND HARYANA HIGH COURT - TMI - Sale of land - chargeable income - Addition on cash deposits in the State Bank of India and Axis Bank - Held that:- Commissioner, being of the view that the cash deposits made by the assessee in his saving bank accounts maintained with the Axis Bank and State Bank of India had nothing to do with the sale of land by his father and his uncles, dismissed his appeal, which gave him a cause to file an appeal before the Tribunal. - The facts .....

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were concurrently considered and rejected by both the Commissioner as also the Tribunal. After having gone through the same, we find no absurdity or perversity in them warranting any interference on our part. - I. T. A. No. 171 of 2015 - Dated:- 5-9-2016 - MR. S. J. VAZIFDAR AND MR. DEEPAK SIBAL, JJ. For The Appellant : Mr. Divya Suri, Advocate For The Respondent : Mr. Yogesh Putney, Advocate DEEPAK SIBAL, J. : Invoking Section 260-A of the Income Tax Act, 1961 (for short - the Act), the asse .....

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ng from the 'material facts' containing 'material particulars' in accordance with ITO Vs. Atchaiah (1996) 1 SCC 417 ? II. Whether under the facts and circumstances of the case, the action of treating the 'capital account transactions' into 'revenue' is unreasonable while charging the character of bank receipts in the hands of the recipient ? Having heard learned counsel for the parties and perusing the record with their able assistance, we are of the opinion that .....

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r Sections 142 (1) and 143 (2) of the Act. A detailed questionnaire was also issued, to which the assessee filed his response. The assessee was asked to explain the cash deposits of ₹ 23,34,075/- and ₹ 59,92,750/- made by him in the previous year in his accounts in the State Bank of India and Axis Bank. In response, attempting to explain the afore-referred cash deposits made by him which he claimed to have received from his father Solia Ram, the assessee submitted that his father, al .....

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r, on 30.04.2009 itself, another agreement qua the same land was executed, in pursuance to which, advance of ₹ 85,00,000/- was received and date of registration of sale deed was fixed as 30.06.2009. This agreement was also cancelled on 25.06.2009 and the entire amount of the received advance was returned. The assessee then went on to submit that on 26.06.2009, another agreement was executed, in pursuance whereof, an advance of ₹ 1,00,00,000/- was received, but the date of registratio .....

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d. The final sale deed dated 30.12.2009 was found to have transferred the aforesaid land in favour of Amar Nath, Nilima, Navita Khurania and Sweta, whereas the earlier agreements were found to have been entered into between the father of the assessee and his uncles on one side and one Baldev Singh son of Ram Singh on the other. The sale deed dated 30.12.2009 depicted the total sale price to be ₹ 54,12,000/-. There was no reference of any advance paid in the sale deed. When this was compare .....

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, the assessee failed to do so. Summons under Section 131 of the Act were issued to the said Baldev Singh, who, as per the Inspector's report, refused to accept the summons. Thereafter, a copy of the summons was sent to Baldev Singh by registered post, but he failed to comply with the same. In view of the afore-referred facts, the Assessing Officer added to the income of the assessee the cash deposits made by him for ₹ 23,34,075/- and ₹ 59,92,750/- in the State Bank of India and .....

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h in his saving bank account maintained with Axis Bank was concerned, the assessee had submitted that his father, along with his three uncles, in pursuance to the sale agreement dated 02.08.2008, had received ₹ 60,00,000/- in advance and it was this amount, which had been handed over by his father to him, which he deposited in his bank account maintained with Axis Bank, Kaithal. This fact had also come in the statement of his father. When the veracity of the above stand taken by the assess .....

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.08.2008, in pursuance to which, ₹ 60,00,000/- as advance had been received by the assessee's father and his uncles. According to him, the amount deposited in Axis Bank was out of this amount. He further went on to submit that this agreement was cancelled on 30.04.2009 and on such cancellation, the entire amount was returned. The Commissioner found that no transaction for withdrawal of any money from the bank accounts of the assessee had been made between 16.04.2009 to 30.04.2009. The .....

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