2018 (4) TMI 1695

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....e its grounds 2 & 3, assessee assails an addition of Rs. 35,00,000/-, which amount was treated by the ld. Assessing Officer as unexplained fixed deposit. 3. Assessee a salaried employee had filed his return for the impugned assessment year disclosing income of Rs. 2,06,500/-. During the course of assessment proceedings, it was noted by the ld. Assessing Officer that assessee had made an investment of Rs. 35,00,000/- in fixed deposits. Assessee was required to explain the source of such deposit. Assessee thereupon produced a sale deed for sale of one immovable property for a consideration of Rs. 53,00,000/- and this was explained as the source of such fixed deposit. Ld. Assessing Officer on verifying the sale deed found that assessee was ....

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.... Authorised Representative such sum was credited in assessee's account with ICICI Bank on 20.02.2014. Contention of the ld. Authorised Representative was that it was from this bank account, that assessee placed the fixed deposit of Rs. 35,00,000/- on 17.03.2014. Thus, according to him, source for the sum of Rs. 35,00,000/- stood fully explained. 6. Per contra, ld. Departmental Representative, strongly supporting the orders of the lower authorities submitted that assessee had executed the sale deed on 12.2.2014 in his capacity as a power of attorney holder of Ms.S. Ishwariah. As per the ld. Departmental Representative said power of attorney was registered on 03.12.2012 and by assessee's own admission, this was executed by Ms.S. Ishwariah ....

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....nnai - 600'020, at the time of execution of this indenture of Sale in the presence of the undermentioned witnesses the receipt of which sum in the aforesaid manner, the VENDOR does hereby admit, acknowledge and acquit PURCHASER free from any further payment whatsoever''. Thus, there can be no two opinion that the sum of Rs. 48,00,000/- credited in assessee's bank account on 20.02.2014 was the cheque received on sale of the property. Irrespective of the fact whether assessee, as a power of attorney holder, was entitled to such sum, it cannot be controverted that the fixed deposit made by the assessee on 17.03.2014, thus stood explained. The fixed deposit was placed by the assessee from the very same bank account through a transfer deb....