2018 (9) TMI 1018

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....ITO, Ward, Bhiwadi, Alwar on account of undisclosed cash deposit in the assessee's bank account. While confirming addition, the ld. CIT(A), Alwar ignored the fact that cash deposit by the assessee in his bank account out of earlier deposit made by him from his same bank account. 2. The assessee carves to leave to add/alter any of the grounds of appeal before or at the time of hearing." 2. None has appeared on behalf of the assessee when this appeal is called for hearing. It transpires from the record that on last 7-8 occasions when this appeal was listed for hearing, the assessee took adjournments and thereafter the assessee stopped appearing in this appeal. As none had appeared on behalf of the assessee on 11/7/2018, the Tribun....

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....owever, the ld. CIT(A) did not accept the explanation and confirmed the addition made by the Assessing Officer. 5. The assessee has reiterated its contention in the written submissions as under: The undisputed facts of the case are that assessee deposited Rs. 95 lakhs in his saving bank account bearing No. 073500101002694 maintained with Corporation bank and the assessee sold agricultural land at Rs. 3,32,00,000/- (out of which assessee's share was 1/3rd and deposited Rs. 1,08,99,999/- in bank in financial year 2006-07) and also agricultural land sold for Rs. 1,59,00,000 on 18/8/2008 (out of which cash received Rs. 29 lakhs). As per para 2 of page 2 of the assessment order, details of major cash receipt/inflow is as below: Ca....

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.... 1. That during the year under consideration, a cash amount of Rs. 95 Lakhs was found to be deposited in the bank account maintained at the Corporation Bank. 2. That the appellant did not file his return of income for the relevant assessment year. 3. That the A.O after recording the reasons issued notice u/s 148 of the Act on 29/03/2016. Appellant filed return of income in response to the notice on 28/11/2016 declaring income at Rs. 3,60,718/-. 4. That on the basis of submissions made by the assessee during assessment proceedings, the A.O has accepted the genuineness of cash deposits amounting to Rs. 49 lakhs. However, balance amount of Rs. 46 lakhs was added to the income of the appellant for want of credible ....

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....missed." Thus, the explanation of the assessee regarding the source of Rs. 49.00 lacs was not accepted by the ld. CIT(A) on the ground that when the amount was withdrawn from the bank at the time of purchase of agricultural land in the financial year 2005-06 then the claim of keeping the said amount of Rs. 49.00 lacs for last 2-3 years in hand was not satisfactory when the assessee has not explained the utilization of the said amount in the mean time. We further note that the assessee withdrawn Rs. 88,50,000/- for purchase of land, however, the assessee claimed that only Rs. 46.00 lacs was utilized for purchase of land during the financial year 2006-07 and the balance was with the assessee. This explanation of the assessee is otherwise n....