TaxTMI 
TaxTMI 
2019 (2) TMI 39
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....s sold his residential property situated at D-111, Bhagat Singh Colony, Tehsil-Tijara, Distt- Alwar on 08.07.2010 for consideration of Rs. 30,000,00/- which was stated to have been deposited in assessee's bank account maintained with HDFC Bank, Bhiwadi. On perusal of the assessee's bank account, the Assessing Officer observed that there are certain cash deposits on various dates totalling to Rs. 30,60,000/-. The assessee submitted that Rs. 9,50,000 was received in advance for sale of the house property which was deposited on 03.05.2010 and 06.05.2010 in assessee's bank account. It was further submitted that the balance sale consideration of Rs. 20,50,000/- was deposited on 08.07.2010. The AO, on perusal of the bank statement, noted another ....
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....ee was however not found acceptable by the Assessing officer and his findings are as under:- "1. The assessee has argued that he has received the full amount of sale consideration i.e. Rs. 30,00,000/- in cash before the registry and later on a cheque of Rs. 20,00,000/- was issued by the purchaser to seller. The argument of the assessee is not acceptable because, if the assessee had received all the amount of sale consideration in cash before the registry. What was the need to take a cheque of Rs. 20,00,000/- from the purchaser. 2. The purchaser has clearly stated that house situated at D-111, Bhagat Singh Colony, Bhiwadi was purchased for Rs. 30,00,000/- and Rs. 10,00,000/- was paid in cash and the amount of Rs. 20,00,000/- was paid t....
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.... concluding that the source of Rs. 20,50,000/- found deposited in cash in the bank account of the appellant remain unexplained. Accordingly, the addition of Rs. 20,50,000/- is confirmed and the appellant's ground of appeal on this issue is dismissed." 7. We have heard the rival contentions and perused the material available on record. The limited issue under consideration relates to source of cash amounting to Rs. 20.50 lacs found deposited in assessee's savings bank account on 8.7.2010 maintained with HFDC Bank. The assessee's contention is that the said amount has been received towards the balance sale consideration towards sale of his house property. The Revenue's contention is that based on information received u/s 133(6) from the purc....
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....part cheque payment. As per information obtained by the AO from the buyer of the property, a cheque for Rs. 20 lacs dated 10.8.2010 was issued in favour of the assessee by the buyer of the property and the same was found credited in assessee's bank account on 13.8.2010 and the said fact was also confirmed by the assessee's bank. However, we find it highly improbable that the assessee will transfer his property and hand over the physical possession on 8.7.2010, a clear one month in advance of receiving the remaining two-third of the sale consideration on 10.8.2010. It is equally highly improbable that as on the date of execution of the sale deed and handing over the possession of the property, the assessee agrees to receive a post dated che....