TMI Blog2017 (6) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... nst agreement to sell and such agreement has been cancelled and amount has been repaid by cheque; the assessee having discharged his onus then the explanation of the assessee merits to be accepted. In the gamut of evidence filed by the assessee i.e ‘Visar Pavati’ issued at the initial stage, thereafter legal notice issued, cancellation of agreement and statement recorded of the parties, the onus upon assessee has been discharged and the plea of the assessee merits to be accepted. No addition is warranted on account of said cash deposits in the bank accounts on the surmise that cash has been withdrawn from bank account of the said persons. - Decided in favour of assessee. Addition made on account of two loan receipts by the assessee as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stances of the case and in law, the learned CIT(A) is not justified in confirming addition of ₹ 10,00,000/- as unexplained money when the appellant had discharged its primary burden. The addition may kindly be deleted. 4) The appellant craves leave to add, alter, modify or substitute any ground of appeal at the time of hearing. 3. The issue raised vide ground of appeal No. 1 is against the addition of ₹ 14,69,000/- on account of unexplained money u/s 69A of the Act. 4. Briefly, in the facts of the case the assessee had declared total income of ₹ 2,23,130/- in its return of income. The Assessing Officer had received AIR information of cash deposits of ₹ 16,69,000/- in the savings bank account of Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount and in view thereto, the sum of ₹ 14,69,000/- was added as unexplained money u/s 69A of the Act. The balance cash deposits of ₹ 2,04,000/- had been explained as deposited out of the agricultural receipts of the assessee and the same was accepted by the Assessing Officer. 5. The Assessing Officer further noted that the assessee had accepted ₹ 72,00,000/- from various parties which were deposited in the bank account. The details of the cheque deposited in the bank account are tabulated at page No. 5 of the assessment order. The assessee had filed confirmation in respect of 13 creditors where the loan was still outstanding. The assessee explained that it had taken the said money in order to make investment in land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to by the Assessee had been cancelled on 26.06.2012 and amount of ₹ 14,67,000/- had been refunded. The Assessing Officer examined additional evidences and also three purchasers from whom advance was claimed to have been received who admitted that they had entered into the transaction. However, against the cheque deposits in their accounts, cash was withdrawan on the next date and hence, Assessing Officer objected to same. The CIT(A) admitted additional evidence filed by the assessee but did not accept the explanation of the assessee to be correct where the persons who had advanced money, were found to be persons without any means. The CIT(A) thus upheld the order of Assessing Officer in this regard. Similarly in respect of addition ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 14,69,000/- was deposited in the bank account of the assessee. The Assessing Officer rejected the plea of the assessee since agreement to sell was unregistered. The claim of the assessee was that the said cash was accepted by way of Visar Pavati which was not admitted by the Assessing Officer. Before the CIT(A), the assessee raised plea of cancellation of agreement to sell and remand report were called for. The Assessing Officer in remand proceedings called the three purchasers and recorded their statement. The Assessing Officer however, did not accept explanation of the assessee and also alleged that against the cheque deposits on cancellation of agreement, cash was withdrawn and repaid to the assessee. However, no such evidence is ava ..... X X X X Extracts X X X X X X X X Extracts X X X X
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