TaxTMI 
TaxTMI 
2021 (3) TMI 1094
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted Family settlement between the family members of the assessee without pointing out even a single defect in the execution of the Family settlement by only pointing out that parents of assessee being alive didn't kept anything for their only livelihood whereas as per the assessee the parents are living with the assessee and he looks after them and the property belongs to the Parents and is at their disposal, therefore the objection raised by the Ld. Assessing Officer is not tenable and without any material on record hence needs to be set aside. 2(a) That the Ld. CIT(A) was not justified in confirming the action of Ld. A.O., rejecting the transaction arising out of duly executed Agreement to Sale between the assessee with Mohinder ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... A.O., in rejecting the transaction arising out of duly executed Agreement to Sale between the assessee with Brahma Nand on conjectures and surmises without pointing out even a single defect in the execution of the said Agreement which was duly executed in front of independent witnesses and the Ld. Assessing Officer himself recorded the statements on oath and documents in the form of land revenue records to show the creditworthiness of the purchaser have been produced, further the said transaction has been duly recorded in the books of accounts of the assessee therefore the rejection of the said transaction by the Ld. Assessing Officer is not tenable and without any material on record hence needs to be set aside. (b) That the Ld. C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y material on record hence needs to be set aside. (b) That the Ld. CIT(A) was not justified in confirming the action of Ld. A.O., in making an addition of Rs. 37,00,000/- as undisclosed income of the assessee on the ground that the Agreement to sale entered with Surjeet Singh is unbelievable whereas as per the assessee the transactions undertaken in the Agreement to sale was duly recorded in the books of accounts and the said Agreement was duly executed in front of independent witnesses and the Ld. Assessing Officer himself recorded the statements on oath and documents in the form of land revenue records to show the creditworthiness of the purchaser have been produced, therefore the additions made by the Ld. Assessing Officer is no....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment on 23.07.2010 with three persons namely, Sh. Mohinder Singh, Sh. Rajesh and Sh. Sandeep for the sale of this property and received the above said amount of Rs. 58,00,000/-. It was submitted that on 31.07.2010, the said agreement has been annulled and the entire amount of Rs. 58,00,000/- was returned during the period from 01.09.2010 to 03.11.2010. Thus, it was shown that the receipt and payments have been settled. 6. On 01.11.2010, the assessee again entered into an agreement for the sale of the plot of 7 acres which was obtained through the family settlement for Rs. 78,00,000/- and received an advance of Rs. 40,00,000/- from one person namely, Sh. Brahma Nand. The assessee received in total an amount of Rs. 65,00,000/- (40,00,000 +....
X X X X Extracts X X X X
X X X X Extracts X X X X
....me as per his needs. Having gone through the entire deposits, the AO made addition of Rs. 92,00,000/- as unexplained money u/s 69A. 10. The ld. CIT (A) confirmed the addition of the AO holding that all the above facts regarding entering of agreement to sell, receipt of advance, extending of execution of sale deed, non registration and non execution of any sale deed, cancellation of agreement to sell, cancellation of deal, return of advance and non production of evidences regarding source of investment prove that assessee has merely concocted evidences unsuccessfully to explain cash deposits in bank account. 11. During the hearing before us, the ld. AR argued that the assessee has produced copy of ledger account of Sh. Mohinder Singh, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the parties and perused the material available on record. 14. We have examined the moot issue of applicability of Section 69A with regard to the cash deposits found in the bank statement of the assessee and whether the assessee has discharged his onus of explaining this deposit satisfactorily. 15. We have gone through the statement of Sh. Mohinder Singh recorded by the revenue on 17.09.2013 wherein he has confirmed of payment of Rs. 58,00,000/- on execution of sale agreement and receipt of the same amount after cancellation of the said sale agreement. It is an undisputed fact that Sh. Mohinder Singh unequivocally stated that the money earned by him and belongs to him. In that case, it can be said that the assessee has discharged the ....