TaxTMI 
TaxTMI 
2016 (4) TMI 579
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....account.'' 2. That on the facts and in the circumstances of the case and in law, the ld. CIT(A) grossly erred in sustaining an addition of Rs. 54,680.75 on account of Short term capital gains from shares 2.1 During the course of hearing, the ld. AR of the assessee has not pressed Ground No. 2 which is dismissed being not pressed. 3.1 Apropos Ground No. 1, brief facts of the case are that the assessee is an individual and earns income from interest filed her return of income in ITR-2 on 10-09-2009 declaring total income of Rs. 1,42,300/-. The case of the assessee was selected for scrutiny u/s CASS on the basis of Data/ AIR information and notice u/s 143(2) was issued on 23-08-2010 which was duly served upon the assessee. During the course....
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....ii. The identity, creditworthiness of the purchaser was not proved and such a huge transaction being in cash and in the absence of authentic documents, it cannot be held that assessee has discharged its legal onus. Therefore, the AO held that it was unexplained income of the assessee and added the sum of Rs. 7,45,500/- to the total income of the assessee. 3.2 Aggrieved, the assessee preferred first appeal where the ld. CIT(A) dismissed the appeal of the assessee on this ground by observing as under:- ''4..... The perusal of the bank account of the assessee showed deposits of more than 10.00 lacs. When the AO asked the source of deposits to be proved, the assessee furnished a cash flow statement which showed receipt of Rs. 7,45,500/- on 1....
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....ate is given as 17-12-2007 below the signatures of the so called purchaser of land. If the agreement was executed on 17-12-2007 as per the appellant's version then how come receipt of Rs. 7,45,500/- is shown in the cash flow statement as dated 18-12-2007. Secondly the original agreement to verify the genuineness of the copy submitted by the assessee has not been produced or submitted even during appellate proceedings. Thirdly last paragraph of this agreement mentions about the registry of the document which was to be done shortly as per this agreement but proper registered document has not been submitted though more than five years have passed since this Agreement to Sell was signed by the appellant with the purchaser. In view of the afor....
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....ter. 2. Secondly, the ld. CIT(A) also contended that when agreement was executed on 17.12.2007 then how come the receipt of Rs. 7,45,500/- is shown in the cash flow statement on 18.12.2007. It is humbly submitted that this contention is not valid to invite an adverse inference against the appellant's claim because the receipt is shown just a day afterwards and not before the execution of agreement. It is possible due to various reasons viz. receipt of cash and execution of agreement in late hours or oversight. 3. Thirdly, it was held that the original agreement was not produced by the appellant. It is humbly submitted that it is a well known fact that the original documents are always kept by the purchasing party and are not handed over....
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.... Jalan resident of Plot No. 608, Shrimonto Market, A.T. Road, Gawhati, Assam (PAN : ABWPJ7034L, Directors Identification No. allotted by Ministry of Corporate Affairs : 00281673) stood already proved. In no situation, a prudent purchaser of immovable property will hand over back the original property papers to the seller. Both the lower authorities have not used their powers to make direct enquiries from the purchaser Shri Mangi Lal Jalan and to ascertain his creditworthiness which is beyond the control and powers of the poor assessee. Hence, it is most respectfully requested that this ground of appeal may kindly be allowed. '' 3.5 Ld. Counsel contends there is no expiry date for use of stamp paper and Section 54 does not require purcha....
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....ble for capital gains. Thereafter, assessee has lost track of close relative who has never legally demanded registration of sale deed. Since the assessee received sale amount of plot no further efforts or care was taken. It is contended that except copy of agreement here is no other correspondence, evidence or exchange of any letters between relatives for sale deed registration or mutation of title. In my considered view the assessee's explanation is bereft of any credible corroboration of evidence, surrounding circumstances, human conduct and preponderance of probabilities which are sine qua non of the income tax proceedings as held by Hon'ble Supreme Court in the case of Sumati Dayal 214 ITR 801. The explanation canvassed by assessee defi....