TMI Blog2022 (2) TMI 1091X X X X Extracts X X X X X X X X Extracts X X X X ..... le to persuade ourselves to subscribe to the contentions advanced by the ld AR in his attempt to impress upon us that the lower authorities had erred in making the addition as an unexplained deposit in the hands of the assessee, uphold the same.- Decided in favour of assessee. - I.T.A. No. 551/Asr/2019 - - - Dated:- 21-2-2022 - SH. RAVISH SOOD, JUDICIAL MEMBER AND DR. M. L. MEENA, ACCOUNTANT MEMBER Assessee by : Shri Rakesh Joshi, Adv Revenue by : Shri Rohit Mehra, DR ORDER PER RAVISH SOOD, JM The present appeal filed by the assessee is directed against the order passed by the CIT (Appeals)-1, Jalandhar, dated 28.05.2019, which in turn arises from the order passed by the A.O u/s 143(3) of the Income Tax Act, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2018 to 26.10.2018 sought adjournments. However, at the fag end of the assessment proceedings the assessee came forth with a claim that the deposits in his aforesaid bank account were sourced from the sale consideration of his agricultural land admeasuring 67 Kanal-16 marla at Village Kanon, Nawanshahar. Elaborating on his aforesaid claim, it was submitted by the assessee that he had entered into an agreement to sell his aforesaid agricultural land @ ₹ 20,25,000/- per acre and had received the sale consideration from S/shri Jail Singh and Hari Singh on 27.01.2011. Although, in the course of the assessment proceedings the assessee had neither placed on record the Original agreement to sell nor a copy of the same, but had thereafte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank accounts did inspire any confidence, but also the assessee had failed to prove the creditworthiness of the person from whom the amount in question was claimed to have been received by him. In the backdrop of the aforesaid facts, the AO, being of the view that the assessee had failed to discharge the primary onus that was cast upon him as regards proving the creditworthiness of the person from whom the amount of ₹ 79.50 lacs (supra) was claimed to have been received, as well as the genuineness of the transaction in question, thus, treated the amount of ₹ 79.50 lacs (supra) as the assessee s income from undisclosed sources. Accordingly, the AO vide his order passed u/s 143(3) r.w.s. 147 of the Act, dated 31.10.2018 assessed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount in question i.e. 79.50 lac (supra) from S/shri Jail Singh and Hari Singh; and (ii) that he had received the aforesaid amount of ₹ 79.50 lac (supra) from Shri Jail Singh (supra) as earnest money, which however had to be returned to him in cash (after withdrawing from bank account) as the deal did not materialize and the land was sold to Smt. Chanrajeet Kaur W/o. Shri Hari Singh. However, as the assessee had failed to place on record any documentary evidence in support of his claim of having entered into an agreement with Shri Jail Singh (supra) and the cancellation of the same, therefore, the lower authorities were not inclined to accept his unsubstantiated claim as regards the source of the cash deposit in his bank account. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount had been received by the assessee vide a transfer entry in his bank account from Shri Jail Singh (supra), however, in the absence of any explanation as regards the nature of the aforesaid receipt, we find no infirmity in the view taken by the lower authorities who had rightly stamped the same as an unexplained deposit in the hands of the assessee. We, thus, not being able to persuade ourselves to subscribe to the contentions advanced by the ld AR in his attempt to impress upon us that the lower authorities had erred in making the addition of ₹ 79.50 lac (supra) as an unexplained deposit in the hands of the assessee, uphold the same. 7. The Grounds of appeal Nos. 1 to 3 are dismissed. 8. The Ground No. 4 being general is d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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