https://www.taxtmi.com/caselaws?id=264903 The court upheld the Revenue's appeal regarding unexplained cash deposits in the bank, overturning the CIT(A)'s deletion of the addition. The validity of the agreement for the sale of agricultural land was confirmed by the CIT(A) based on satisfactory explanations and evidence provided by the assessee. However, the failure to produce persons mentioned in the agreement raised doubts, leading the tribunal to question the credibility of the transaction. Verification of sources of cash deposits was deemed insufficient, prompting the tribunal to restore the matter to the Assessing Officer for further examination due to discrepancies and lack of supporting evidence. Ownership of the land and Power of Attorney issues were also raised, emphasizing the importance of proper documentation and verification in such transactions. en-us Fri, 07 Nov 2014 00:00:00 +0530 Sun, 04 Oct 2015 12:36:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264903 The court upheld the Revenue's appeal regarding unexplained cash deposits in the bank, overturning the CIT(A)'s deletion of the addition. The validity of the agreement for the sale of agricultural land was confirmed by the CIT(A) based on satisfactory explanations and evidence provided by the assessee. However, the failure to produce persons mentioned in the agreement raised doubts, leading the tribunal to question the credibility of the transaction. Verification of sources of cash deposits was deemed insufficient, prompting the tribunal to restore the matter to the Assessing Officer for further examination due to discrepancies and lack of supporting evidence. Ownership of the land and Power of Attorney issues were also raised, emphasizing the importance of proper documentation and verification in such transactions. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264903