9911796707
TMI Blog2017 (6) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... eged unaccounted cash credit under section 68 of Income Tax Act, 1961. Ground No.2: Without prejudice to the ground no.1 the learned CIT(A) has erred in not relying on the ratio decidendi of Hon'ble Bombay High Court decision in case of CIT vs Bhaichand H. Gandhi (1983) 141 ITR 67 (BOM), wherein it has been held that addition under section 68 of the Act on the basis of entry in the pass book is justified. In view of the above ground and in the facts and circumstances of the case and in law, the Appellant prays your Honours to delete the additions to the returned income made by the AO which has been subsequently confirmed by the learned CIT(A). 3. The issue raised in the present appeal is against the addition made under section 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hana. The assessee further explained that the transaction was agreed at Rs. 40 lakhs under an unregistered instrument dated 16.03.2007, under which Rs. 6 lakhs in cash was paid on 16.03.2007 and the balance of Rs. 34 lakhs was to be given in the next five years. Thereafter, the assessee referred to the cash receipts i.e. Rock pavati signed by the father of assessee on different dates. The assessee explained that the amount was received by him on behalf of his father and it was transferred to his account on the very next day. The assessee also explained the source of earning of his uncle i.e. through agricultural income. However, the plea of assessee was rejected on the ground that the assessee had not disclosed the said bank account with Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank account was filed to show that his uncle had income from agriculture and the receipts were being deposited in his bank account. 7. The learned Departmental Representative for the Revenue stressed that where the bank account was not disclosed in the return of income filed by the assessee, then there is no merit in the plea of assessee. He placed reliance on the order of CIT(A) especially at para 35 on page 10 of the appellate order. 8. On perusal of record and after hearing arguments of both the learned Authorized Representatives, the issue which arises in the present appeal is against the addition of Rs. 14,95,000/- under section 68 of the Act. The Assessing Officer during the year under consideration had received information throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued by the father of assessee. The copies of said cash receipts are filed in the Paper Book and date-wise cash receipts are as under:- Date of Receipt Amount 07.03.2007 2,00,000 12.06.2007 4,00,000 14.06.2007 3,00,000 30.07.2007 3,50,000 18.08.2007 2,45,000 10. The said cash received by the father of assessee was deposited in the bank account of assessee at Buldhana. The agricultural land is situated in the vicinity of Buldhana and the uncle of assessee who, the assessee claimed had made the said payment as per the agreement to sell also resides in Buldhana. The perusal of bank account reflects that upon cash deposit in the said bank account, cheques were issued by the assessee in the name of his father. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k pavati' issued by the father of assessee on different dates accepting the said cash. The said cash has also immediately been transferred to the bank account of father of assessee. In the totality of the above said facts and circumstances and because of family connection between the persons transacting the said transaction, there is no merit in not accepting the plea of assessee and in making the aforesaid addition. Accordingly, the order of CIT(A) is set-aside and the Assessing Officer is directed to delete the addition of Rs. 14,95,000/-. The ground of appeal No.1 is thus, allowed. The alternate plea raised by the assessee vide ground of appeal No.2 is thus, dismissed. 12. In the result, appeal of assessee is allowed. Order pronounced ..... X X X X Extracts X X X X X X X X Extracts X X X X
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