2016 (1) TMI 612

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.... his return of income for A.Y. 2006-07 on 24.08.2007 declaring taxable income of Rs. 1,53,498/-. Subsequently A.O received information that Assessee had deposited aggregate cash of Rs. 22,19,500/- in his HDFC Bank account during accounting year 05-06 and accordingly notice u/s. 148 dated 05.04.2010 was issued and served upon the Assessee. Thereafter assessment was framed u/s. 143(3) r.w.s. 147 vide order dated 27.12.2010 and the total income was determined at Rs. 22,72,930/-. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A) who by a consolidated order for A.Y. 06-07 to 08-09 dated 30.06.2011 granted partial relief to the Assessee. Aggrieved by the aforesaid order of ld. CIT(A), Assessee is now in appeal before u....

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....davit of the Assessee explaining the reason for delay. After considering the explanation of the Assessee with respect to delay in filing of appeal we condone the delay and admit the appeal for hearing. 5. Before us, ld. A.R at the outset submitted that though Assessee has raised various grounds but the only issue that requires adjudication is with respect to addition of Rs. 15,69,300/- u/s. 69A of the Act. 6. A.O noticed that Assessee had deposited cash of Rs. 22,19,500/- in Saving Bank account maintained with HDFC Bank. The Assessee was asked to furnish details and evidences and explain the source of cash deposits. Before A.O as far as cash deposits of Rs. 10,50,000/- is concerned, it was stated to be part payment receipt on sale of agri....

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....h HDFC Bank Ltd. is that it was the sale consideration of ancestral agricultural land .The appellant had failed to produce copy of sale deed, copy of bankhat etc. I agree with the AO that the consent letters stating simply that it was decided to purchase' were not reliable. The said land was not sold even till date of issue of Form 7/12 or even till date (i.e. of these appellate proceedings). It is not acceptable even as per normal practice and probability of human behavior that moneys are given in advance without any document being signed. Further, even after 5 years neither the Agreement as claimed has been completed by completing either the registration of land or the money has been returned back. I fully endorse the AO's decisio....

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....explained credits. The assessee had first given a working of peak cash credit which was found not correct. He was asked to incorporate all bank accounts together to work out the peak. Further, it could not be accepted that all withdrawals were re-routed into the bank account. The assessee was asked to give revised working for all the 3 years after accounting for a reasonable amount spent on personal expenses. The revised working has been given and is annexed with the order as Annexure-1. The working has been given by taking Rs. 8,000/- p.m. as personal expenses out of the withdrawals from the bank account. The estimate is accepted as reasonable. The peak of cash required i.e. the unexplained cash in each of the assessment years is giv....