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TMI Blog2015 (10) TMI 2563X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts of the case are that the assessee was called upon to furnish information/documents showing the details in respect of investment made in shares, mutual fund/Govt. securities/FDRs/Term Deposits/Other bank account/NSCs/LIPs explaining the source thereof. In response thereto the assessee informed that she sold her plot of land bearing no. 319 Udyog Nagar, Jhotwara, Jaipur for a consideration of Rs. 15,00,000/- and the deposits in cash in her bank account reflects this sale consideration. The AO has not accepted the assessee's explanation with regard to the source of cash deposit of Rs. 15,00,000/- in her bank account. Since the source is not explained, therefore, the amount is taxed in the assessee's hand as unexplained cash deposit. The above said conclusion was drawn by the AO on the basis of following reasons :- " I have considered the totality of the facts of the case and the argument of the assessee. It is the claim of the assessee that the source of deposit in cash in her bank account is out of the cash given to her by Shri Shakeel Khan representing the sale consideration for the land sold to him through Agreement to Sale dated 4.6.07. On the contrary, Shri Shakeel Kha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the cash payment received from the sale of land situated at 319, Udyog Nagar, Jhotwara, Jaipur to Shakeel Khan S/o Ameen Khan. The appellant has relied upon the agreement to sale/Ikrarnama dated 04.06.2007, Power of Attorney dated 04th June, 2007 and Will dated 4th June, 2007 executed by her as per practice of the real estate market. The AO has examined the documents as well as the person Shakeel Khan and has come to the conclusion that the assessee's explanation with regard to the source of cash deposit of Rs. 15 lacs in her bank account was unacceptable because of following reasons : (i) The agreement to sale/Ikrarnama do not bear the signature of the purchaser in token of the confirmation of the sale transaction and payment of Rs. 15 lacs by the buyer to the appellant. (ii) In the statement recorded u/s 131 the alleged buyer i.e. Shakeel Khan has denied the making of any agreement for purchase of land with the appellant or making the payment of Rs. 15 lacs in cash on 15.03.2007 (Rs. 1 lac), 15.04.2007 (Rs. 5 lacs), 15.05.2007 (Rs. 5 lacs) and 04.06.2007 (Rs. 4 lacs) in response to question No. 4 and 18. (iii) There is no documentary evidence with the assessee to establ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cs in cash to the appellant. The reliance of the appellant on the judgment of Hon'ble Supreme Court in the case of Sumati Dayal vs. CIT is also found to be without any merit since the appellant has failed to show that the apparent is not the real. In these facts and circumstances of the case, I am of the considered opinion that the AO has passed a well reasoned and detailed order after considering the inquiries made and the submissions given by the appellant and it can not be said to be illegal, unjustified, arbitrary and against the facts of the case. The appellant has failed to explain the source of cash deposit of Rs. 15 lacs in her savings bank account. Accordingly, the addition of Rs. 15 lacs as unexplained money/cash deposit in bank is confirmed in view of the provisions of section 69A of the Act. Ground No. 1 of the appellant is dismissed." 5. Now the assessee is before us. The primary contentions of the assessee before us are summarized herein below. 6. That the usual accepted transfer documents like Agreement to Sale, registered GPA and Will all dated 4th June, 2007 were executed by the assessee for transfer of a piece of land situated at 319 Udyog Nagar, Jhotwara, Jaip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 376;क के रूप में प्राप्त किया है तो आपने वह चैक अपने नाम से क्यों लिया तथा अपने बैंक खाते में क्यों जमा किया तथा बैंक से नगद निकाल कर आभा सेठी तक पहॅंूचाने का क्या कारण है? उत्तर आभासेठी ने मेरे नाम पाॅवर आॅफ अटार्& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... चा और कब-कब आभा सेठी को रकम पहूॅंचाया तथा कुल कितना रकम दिया है। उत्तर मुझे याद नहीं है। प्लाट सं.319 पूरे को मैनें बेच दिया यह मुझे याद है। आगे कुछ भी मुझे याद नहीं है। In response to question nos. 1 & 3 in cross examination, he has replied as under :- प्रष्न-1 आपने बताया कि आप एच.के. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44;ागौर में रहता है। प्रष्न-3 आभा सेठी से आपकी पहचान कब और कैसे हुई। उत्तर 3-4 साल पहले मैं जिस दुकान पर काम करता हूॅं वहाॅं से सामान लेने आये थे। 6.2. The ld. Counsel for the assessee also relied upon the judgment passed by the Hon'ble Supreme Court in the case of Suraj Lamp & Industries Pvt. Ltd. vs. State of Haryana & Another in SLP No. 13917 of 2009 dated 11th October, 2011 to buttress his contention that the agreement to sale, GPA and Will is an accepted prevalent practice in the country as noticed by the Hon'ble Supreme Court. It was als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sited by the assessee, if the sale agreement was correct in that financial year. Further, it was contended by the ld. D/R that the Agreement to Sale was never executed between the parties and the same is a sham document as it neither reflects the intention of the assessee nor it bears the signature of Shakeel Khan. 7.1. The ld. D/R also relied upon the statement of Shakeel Khan pursuant to the notice issued by the AO and has submitted that Shakeel Khan has categorically denied the execution of the Agreement to Sale and has further denied the payment of Rs. 15,00,000/- to the assessee. 7.2. Lastly it was contended that the assessee cannot be permitted to blow hot and cold. 8. On the other hand, the assessee is claiming that the sale consideration of Rs. 15,00,000/- was received by her on the basis of documents executed by her in favour of Shakeel Khan and the assessee claimed exemption from capital gains on account of the two sale deeds executed by Shakeel Khan which were evaluated for the purpose of stamp duty for Rs. 8,73,228/-. It was submitted that if the sale agreement executed by Shakeel Khan was correct and the benefit of which was taken by the assessee, the cash deposit o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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