TaxTMI 
TaxTMI 
2015 (2) TMI 158
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..../s 148 of the I.T. Act to the assessee on 06.05.2010 for the reason that there were unexplained cash deposits in his Bank account. In response to the notice u/s 148 of the Act, return of income was filed on 01.12.2011 declaring agricultural income of Rs. 24,000/-. The assessment u/s 143(3) r.w.s. 147 of the Act was completed on 30.12.2011 on a total income of Rs. 31,76,000/-. 3. The CIT(A) confirmed the assessment order. The relevant finding of the CIT(A) reads as follows:- (at Page 5) (at Page 5) "In the course of assessment proceedings the A.O. found that the assessee has deposited cash of Rs. 24,50,000/-- on 2/3/2007 and Rs. 10,00,000/- on 5/3/2007 in his bank account with OBC, Mandi Shyam Nagar, Greater Noida. On being asked to....
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....t. In response the assessee contended that the said cash deposit was out of sale proceeds of his agricultural land and furnished the copy of the Sale Deed in support of his contention. However, on examination of the Sale Deed A.O. noticed that the land was sold only for Rs. 4 lacs. As such the A.O. treated Rs. 4 Lacs out of cash deposit of Rs. 10 lacs as explained and regarding balance of Rs. 6 Lacs assessee was asked to explain the source. Once again despite allowing sufficient time and opportunity the assessee failed to furnish any explanation in this regard forcing the AO. to treat the balance amount of Rs. 6 Lacs as unexplained cash credit in the hands of the assessee u/s. 68 of the I.T. Act, 1961. Besides above, the AO. also noticed....
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.... present appellate proceedings, I confirm the total additions of Rs. 31,76,000/- made by A.O. u/s. 68 of the I.T. Act on account of unexplained cash deposit in the bank account of the assessee . During the appellate proceedings it was also pointed out that the appellant has expired on 21/2/2012 and that one of his sons Sh. Satender Kumar under his signature claimed that he be treated as legal representative of the appellant for the purpose of present appeal. Subsequently, vide letter dated 15/5/2013 four brothers namely Sh. Narender Kumar, Sh. Surender Kumar, Sh. Satender Kumar and Sh. Vijay Singh under their signatures claimed that they all are the legal heirs of the appellant Sh. Bali Ram and that one of their brothers Sh. Satneder Singh ....
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....grounds of appeal which have not been set forth in the appeal originally. f) That the present application is bonafide. The balance of convenience is in favour of appellant. If the said application is not allowed, irreparable loss would be caused to the assessee. In view of above, it is most respectfully prayed that the additional grounds of appeal porposed to be raised now be admitted and the appeal be heard on all the grounds including the additional grounds of appeal in the interest of justice." 6. The assessee has also filed an application under Rule 29 of the ITAT, Rule seeking permission to bring on record additional evidence and has filed supporting affidavit of the legal Representative of the assessee (since deceased). The r....
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....nt to sell for sale of his agricultural land for a consideration of Rs. 30 lac out of which, Rs. 24.50 lac had been deposited in 'Oriental Bank of Commerce on 02.03.2007. He had also informed that this deal had not been materialized and therefore, the amount had been returned back. However, since in the absence of agreement to sell, the Assessing Officer had made the addition which had been confirmed by the Ld. CIT(A). h) That the affidavit of Shri Oaya Chand Singh has relevant bearing on the issue involved in the present appeal. It is a corroborative evidence to what has been stated by my father during the assessment proceeding and therefore, it is relevant for deciding the present appeal. Under Rule 29, ITAT has power to admit new ....