TaxTMI 
TaxTMI 
2016 (1) TMI 612
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.... and income from other sources. Assessee filed 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 ....
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..... submitted that there was delay of one day in filing the appeal and he has filed the affidavit 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 depo....
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....anation offered by the appellant as to the major source of cash deposits made in the bank account with 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 eith....
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....parties and amounts received back from them. As first advances were given and then received back, there was no question of unexplained 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. Th....
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....dered according to the working given therein. Ld. D.R. on the other hand supported the order of A.O and ld. CIT(A). As far as the contention of the aggregate working of peak, he submitted that ld. CIT(A) has directed the A.O to compute the relief as per the directions given by him and after verification of the computational accuracy. He therefore submitted that there is no reason to interfere with the order of ld. CIT(A). 9. We have heard the rival submissions and perused the material on record. The issue in the present case is with respect to addition of cash deposits made in the bank account. We find that ld. CIT(A) has not accepted the submission of the Assessee of cash deposits to be out of the advance money on sale of land because h....