TaxTMI 
TaxTMI 
2014 (8) TMI 270
X X X X Extracts X X X X
X X X X Extracts X X X X
....ished. 3. The CIT(A) ought not to have accepted the sources of sale of agricultural land amounting of Rs. 4,60,000/- which was not effected in the bank A/c of the assessee. 4. The CIT(A) ought not to have accepted the contention of the assessee in respect of advance receipted on sale of land at Mohabbat Nagar amounting to Rs. 10,00,000/- as no evidence was adduced in support of the transaction. 5. The CIT(A) has erred in disregarding the comments of the A.O. in the remand report." 2. Briefly stated, assessee is an individual earning income from dairy, house property. On receiving information that substantial cash deposits were made in the bank accounts, Assessee's case was selected for scrutiny. Assessee being basically an agriculturist....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Rs. 5,00,000 Sale proceeds of agriculture land Rs. 4,60,000 Advance received in respect of sale of land at Mohabbat Nagar Rs.10,00,000 Amount received on sale of feed Rs. 1,25,745 Amount received from debtors Rs. 84,021 Total funds available from various sources Rs.34,16,766 Amount considered by the A.O. as unexplained Rs.42,58,440 (-) Rs. 8,41,674 2.2. In doing so, Ld. CIT(A) rejected the peak credit concept invoked by the assessee and therefore, he took explanation for the entire amount of Rs. 42,58,440/- considered by the A.O. as an unexplained. He confirmed the amount of Rs. 8,41,674/- as unexplained while deleting the balance amount of Rs. 34,16,766/- out of the above amounts. Revenue is aggrieved the following ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rmation in respect of such work are established by the appellant. In such a situation there is no scope to ignore such evidence. In my view without making any reference either in the assessment order or in remand report there is no scope to reject such vital evidence produced by the appellant." 5. On considering the arguments of the Ld. D.R. and Ld. Counsel and perusing the paper book placed on record along with the copies of confirmations filed before the Ld. CIT(A), we do not see any reason to interfere with the observations of the Ld. CIT(A). In fact, Smt. P. Vinodha is mother-in-law of the assessee who filed an affidavit and submitted that she has funds out of retirement, death -cumretirement benefit of her husband plus income from agr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing credit to the above amount, just because the transaction has not routed through the bank account. In fact, A.O. has verified the cash deposits and bank account and the assessee also explained to AO the source of deposit out of sale proceeds received in cash. Ground raised by the Revenue has no merit. Accordingly, the same is rejected. 7. The next ground is with reference to source of Rs. 10 lakhs stated to be advance received on sale of land at Mohabbat Nagar. Assessee explained that advance of Rs. 10 lakhs was received in respect of agreement of sale dated 20.03.2006. As per the agreement, Mr. N. Dashrath Reddy, father of the assessee along with others entered into an agreement for sale of ac.2.00 of land to M/s. Eureka Estates P. Ltd....