TMI Blog2022 (11) TMI 819X X X X Extracts X X X X X X X X Extracts X X X X ..... ences to prove the ownership of the property, fact remains that assessee s claim that he has received advance of Rs. 15,00,000/- from M/s. Sheela Credit Leasing Ltd. on the basis of agreement to sell is established on record through proper documentary evidence. Therefore, the source of cash deposited in the bank account stands explained. Accordingly, delete the addition sustained by Commissioner (Appeals). Appeal of the assessee is allowed. - ITA No. 3634/Del/2016 - - - Dated:- 14-11-2022 - SHRI SAKTIJIT DEY , JUDICIAL MEMBER Assessee by : Shri C. S. Anand , Advocate Department by : Shri Om Prakash , Sr. DR ORDER This is an appeal by the assessee against order dated 31.03.2016 of learned Commissioner of Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer to examine them and furnish his report. After considering the report of the Assessing Officer and material available on record, learned Commissioner (Appeals) found that the total cash deposits made in three bank account were to the tune of Rs. 17,23,050/-. Whereas, the Assessing Officer had added an amount of Rs. 17,23,050/-. Therefore, he deleted the excess addition of Rs. 71,000/- made by the Assessing Officer. Further, partly accepting assessee s contention that part of the deposits were out of receipts from his business, learned Commissioner (Appeals) granted further relief of Rs. 6,84,790/-. Thus, he confirmed addition to the extent of Rs. 10,37,260/-. Still aggrieved, the assessee is before the Tribunal. 4. I have consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refully considered the rival contentions. We find that in para No. 3 the co-ordinate bench has stated that no details of re-payment to M/s. Sheela Credit Leasing Limited has been submitted. Therefore, the bench held that agreement to sell entered into by the assessee with M/s. Sheela Credit Leasing Limited was a sham agreement and it was made just to explain the source of money deposited in the bank account of the assessee. We find that assessee has submitted letter dated 21st June, 2017 wherein in para No. 3 the assessee referred to the confirmation from that company along with the letter of confirmation dated 31st March, 2019 was also submitted. The above letter was erroneously not considered by the co-ordinate bench. Therefore, to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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