TaxTMI 
TaxTMI 
TaxTMI 
2014 (5) TMI 694
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....hant Vihar New Delhi. (ii) Rs. 24,61,130/- Punjab National Bank, Kashmere Gate, New Delhi. 3.1. In respect of these amounts, the assessee submitted that in addition to above, he had two other accounts with Punjab National Bank, Sector- 12,Dwarka, Delhi 110075; and Punjab National Bank, Kakrola, Delhi- 110059. The account in Kakrola Branch was transferred from Prashant Vihar branch of PNB. 3.2. In addition to regular income, assessee purchased land admeasuring 500 sq. yds. out of khasra no. 16/3 at village Kakrola Abadi known as Raju Extn., Kakrola, New Delhi for Rs. 21,00,000/- from one Mr. Anil Kumar Mittal, as under: 160 sq. yds. Rs. 6,50,000/- 200 sq. yds Rs. 8,00,000/- 140 sq. yds Rs. 6,50,000/- 3.3. It was also stated that the assessee was not having copies of these agreements as they were not provided by Shri Anil Kumar Mittal. The above 500 sq. yds land was sold by the assessee to following persons: 1. Ms. Anita Ghalot 115 sq. yds Rs. 4,50,000/- Receipt submitted 2. Mr. Shri Chand 100 sq. yds Rs. 2,50,000/- Receipt submitted 3. Mr. Vishal Sharma 50 sq. yds Rs. 2,00,000/- Receipt submitted 4. Mr. Dharam Veer 23 sq. yds Rs. 80,000/- Receipt submitted 5. Mr.Mohd. Mo....
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.... the assessee. The explanation filed by the assessee for cash deposit in bank account is totally baseless and is hereby rejected. The cash deposit in the bank account amounting to Rs. 41,48,030/- as per AIR information and Rs. 4,11,000/- in Punjab National Bank, Dwarka remains unexplained and is hereby treated as unexplained cash credit u/s 68 and added to the income of the assessee. Since the assessee ahs furnished inaccurate particulars of his income on this ground, penalty proceedings u/s 271(1)(c) is being initiated separately." 3.5. Aggrieved, assessee preferred first appeal. The ld. CIT(A) gave part relief by sustaining the following additions: Cash deposit in PNB Kakrola branch Rs. 16,86,900 Cash deposit in PNB Dwarka branch Rs. 4,11,000 Rs. 20,97,900 3.6. Ld. CIT(A) sustained the above additions by following observations: "4.4 In Ground No.6, the appellant has impugned the addition of Rs.l6,86,9001- in PNB, Kakrola Branch on the grounds that addition cannot be made u/s. 68 of the Act on the basis of cash deposits in bank, since, no books of accounts are maintained by the appellant. This issue has been taken care of in the preceding paragraphs, where it has b....
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....e finding given by the AO in the assessment order wherein he has stated that it is unbelievable that a plot of land could have been sold even before it was purchased. 4.7 In view of the above discussion and the findings of fact in the assessment order and the Remand Report, I am of the opinion that the appellant has not been able to prove his case conclusively to the satisfaction of the AO or the First Appellate Authority. None of the documents submitted by the appellant (Agreement to Sell, OP A, 'Will etc.) are registered with any Authority. These are merely self serving notorized documents, which do not carry much weight. Thus, in my opinion, the appellant has failed to discharge his onus to prove the source of acquisition of cash deposited in his bank accounts in PNB, Kakrola Branch and PNB, Dwarka Branch. Therefore, the addition to the income of the appellant u/s. 69A of the Act to the tune of cash of Rs.16,86,900/- deposited in PNB, Kakrola Branch and Rs.4,ll,OOO/- being cash deposited in PNB, Dwarka Branch is hereby sustained. 3.7. Aggrieved, assessee is before us and has raised various issues qua the additions: 4. Ld. Counsel for the assessee at the out set states tha....
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.... paper book in support of purchase of these lands. 4.4. Though these documents of purchases were executed on 27-2- 2008, the deal for the purchase thereof was finalized on 13-12-2007 when earnest money of Rs. 2,00,000/- was made to Shri Anil Kumar Mital by a/c payee cheque no. 9645954 drawn on PNB, Kakrola branch. Since the assessee had paid the advance, it got an opportunity to deal with the land and before the execution of sale deed from Shri Anil Kumar Mittal, he sold it to 7 parties for a consideration of Rs. 19,61,500/-. The payments from the parties were received in parts from time to time and on receiving the full payment, the formal receipts were issued on 15-2-2008, 18-2-2008 and 10-3-2009. The two payments out of the above amounting to Rs. 3 lacs were received from Ms. Anita Ghalot and Shri Dharam Pal by cheques and the balance amount of Rs. 16,61,500/- was received from time to time in cash. The assessing officer has rejected the assessee's version on assumptions and making adverse inference from such assumptions. 4.5. Assessee has filed written submissions before CIT(A) which are pleaded to be taken as submissions before ITAT. It is pleaded that the transactions being....