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Sh. Jagtar Singh Versus The ITO Ward-2 (2) , Ropar

2017 (6) TMI 134 - ITAT CHANDIGARH

Unexplained cash deposits in the bank account - source of advance money receipt - Held that:- Assessee failed to produce any evidence if any genuine agreement to sell was executed for taking advance of ₹ 22,00,000/- and also failed to produce any source of the receipt of advance of ₹ 22,00,000/-. No confirmation from the purchaser was filed and the purchaser was not produce to verify receipt of advance of ₹ 22,00,000/-. The GPA holder has already shown his inability to produce .....

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o sell itself is in doubt and assessee also failed to explain the source of the cash deposits of ₹ 21,54,000/- in the bank account of the assessee. No interference is therefore called for in the matter. It may also be noted here that regarding rest of the amount deposited as cash in the bank account of the assessee, Ld. Counsel for the assessee did not argue the appeal and did not produce any evidence in this regard. In my view assessee has failed to explain the source of cash deposits in .....

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atives of both the parties and perused the findings of authorities below. 3. Brief facts of the case are that as per AIR information, it was found that the assessee had made cash deposits aggregating to ₹ 52,91,000/- with Bank of India during the relevant assessment year on various dates from 12/05/2010 to 23/03/2011 as noted at page 2 of the assessment order. The assessee was directed to explain the source of cash deposits. It was held by the AO that out of the total cash deposits, the so .....

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of receipt of advance of ₹ 22 Lakhs against the sale of land to Sh. Kulbir Singh S/o Sh. Hazara Singh. Reproduction of the part of the assessment order discussing the addition of ₹ 21,54,000/-, the assessee reiterated that the impugned addition is on account of non production of Sh. Kulbir Singh, the purchaser of the land who had gone abroad and settled overseas. The assessee submitted that the statement of Sh. Jasbir Singh power of attorney holder of Sh. Kulbir Singh was recorded t .....

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n regard to the addition made on account of unexplained cash deposits. Sufficient opportunity was given to the appellant during the assessment and appellate proceedings to explain the source of cash deposits. Since all the cash deposits were said to be made out of sale of agriculture produce, the appellant was supposed to produce substantial evidences in this regard in form of relevant documents supporting the sale of such agriculture produce. In absence of such documents, the Assessing Officer .....

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here is the availability of evidence supporting the agriculture activity and the sale of agriculture produce in the market. Availability of true, material and relevant evidences might not have required the appellant or the person carrying general power of attorney on his behalf in personal capacity. Even if the appellant is settled overseas and somebody carrying authentic general power of attorney is available on his behalf, he has to produce the relevant evidences in support to explain the sou .....

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the addition of ₹ 29,12,240/- on account of unexplained cash deposits in the bank account of the assessee. 7. Ld. Counsel for the assessee mainly argued with regard to the deposit of ₹ 21,54,000/- in cash in bank account of assessee on 28/09/2010. Ld. Counsel for the assessee submitted that advance of ₹ 22,00,000/- was received from Sh Kulbir Singh against sale of the land. He has submitted that the deal was not finalized therefore advance made was forfeited. He has submitted t .....

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the assessee. The assessee failed to explain the source of the cash deposits in the bank account, therefore, no further interference is called for in the matter. The decision in the case of Travancore Rubber And Tea Co. Ltd. (supra) would not apply to the facts of the case. 9. Considering the facts of the case in the light of the findings of the authorities below, it is clear that the issue before the authorities below was regarding cash deposits in the bank account of the assessee during the fi .....

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any of the explanation. As regards the deposit of ₹ 21,54,000/- in cash in bank account of the assessee on 28/09/2010, AO noted that agreement to sale revealed that the sale deed of the land was to be made on or before 28/10/2011. The assessee was asked to produce sale deed and confirmation of the purchaser and copy of his bank statement, however, no details were furnished before the AO. The assessee admitted that sale deed has not been made till date. The assessee also failed to produce t .....

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