TMI Blog2012 (8) TMI 1150X X X X Extracts X X X X X X X X Extracts X X X X ..... t ₹ 1,20,611/-. The case was reopened by issuing notice u/s. 148 on 18-12- 2006. Assessee vide his letter dated 15-3-2007 submitted that the original return filed by him may be treated as return filed in response to notice u/s. 148. 3. The A.O. observed that assessee had deposited ₹ 13,95,000/- by cash in his saving bank account. The assessee had also received a loan of ₹ 30,50,000/- from Riddhi Investment Properties Pvt Ltd. The assessee was asked to furnish evidence in respect of the cash deposit and the loan. The assessee submitted that cash was received from M/s. Madhav Vidharbh Estate Pvt. Ltd., having its office at Nagpur. The assessee furnished the confirmations from both the parties,. To verify the genuineness ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Investments Properties Pvt. Ltd. In support of the submissions, the Authorized Representative filed copies of banakhat and also copies of accounts held by M/s. Madhav Vidharbh Estate Pvt. Ltd. and M/s.Riddhi Investments Pvt. Ltd. with the State Bank of Travancore. 2.5. The perusal of the bank account shows that in both the cases cash is found to have been transferred on the same date as the payments have been made to the assessee. Though the A.R. submitted copy of the bank accounts he failed to explain the source of these entries. In fact for both the M/s. Riddhi Investments Properties Pvt. Ltd., and M/s. Madhav Vidharbh Estate Pvt. Ltd. funds have been transferred from the same account i.e. 025085 on the dates of payment made t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh. It is also in complete contradiction to the copy of cancellation agreement dated 2-04-2005, claiming cancellation of banakhat dated 4-12-2004. It is presumed that if the agreement to sell does not materialize, the advance if genuine would be returned after the cancellation agreement. Further, a paper filed by the appellant confirming his accounts in the books of M/s. Madhav Vidarbh Estate Pvt. Ltd. shows that the assessee has invested in 3000 equity shares of M/s. Madhav Vidharbh Estate Pvt. Ltd. The confirmation has been signed by Ms. Geetaben as director of the company. However, the confirmation does not contain the current address, PAN or any information about where M/s. Madhav Vidharbh Estate Pvt. Ltd. files its return of income. Fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al was cancelled on 2-4- 2005 by entering into a cancellation agreement. (The copy of the agreement and the English transaction was at page Nos.89-91 and 132- 133 respectively of the paper book). The Ld. A.R. furnished the copy of the confirmation of Madhav Vidharbh Estate Pvt. Ltd., (page 69 of the paper book), its PAN Number (page 70 of the Paper Book), the copy of acknowledgement of filing of return of Income for A.Y. 2005-06(page 71 of paper book). 7. With respect to deposit of ₹ 30,50,000/- from Riddhi Siddhi Pvt. Ltd., the Ld. A. R. submitted that it represents the amount received as advance against sale of property to Riddhi Siddhi Pvt. Ltd., The deal for sale of the property was finalized for ₹ 31,00,000/-. ₹ 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not give NOC for transfer of property as the purchaser intended to use the property for commercial purposes. Accordingly the deal was cancelled and the money returned. The assessee had furnished the copy of the sales agreement, copy of the cancellation agreement, copy of PAN number of the intending purchaser, copy of the acknowledgement of return of income of the intending purchaser. In case of deposit from Riddhi Siddhi Pvt. Ltd., the assessee has submitted the copies of the banakhat, copy of confirmation from the party, copy of the acknowledgement of return of income, copy of PAN Number. The aforesaid facts have not been controverted by the Revenue nor has it proved that the documents submitted by the assessee. are not genuine. By furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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