2012 (10) TMI 747

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....le deleting the addition erred in considering that it is immaterial whether the assessee has other source of income or not especially when the broker denied the transaction. On the other hand, the learned counsel for the assessee, Shri S.S. Solanki strongly defended the impugned order by submitting that firstly there is no other source of income of the assessee except the agricultural income. 3. We have considered the rival submissions and perused the material available on record. The facts, in brief are that the assessee deposited Rs. 56,30,000/- in his bank account maintained with Bank of India, Simrol Branch. The Assessing Officer asked the source of the deposited amount which was claimed by the assessee to be deposited out of sale proc....

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....y him only during his life time. As such complete details of the sale transaction and bank deposit swere only in his knowledge and the legal heirs could explain only such facts as came to their knowledge personally from the deceased prior to his death. 4.2 The AR of the appellant referred to the decision of Hon'ble Supreme Court in CIT vs. Noorjehan (PK) and submitted that the facts of the case of appellant are identical to those of the case of Noorjehan. In the case of appellant, his father Shri Hariram expired after making the transaction of sale of land and deposits in bank account and the legal heirs were unable to explain the investment in bank deposits made by late Hariram. The AR submitted that considering the social status and livi....