TaxTMI 
TaxTMI 
2017 (7) TMI 1386
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.... During the assessment proceedings, A.O found cash deposits of Rs. 33,13,500/- in the savings bank account of the assessee. Subsequently, the case was selected for scrutiny and notices were issued by the A.O but, there was no response from the assessee. Since, there was no response from the assessee, the A.O treated the entire cash deposits as unexplained and added back to the income and passed the assessment order u/s 144 of the IT Act. 3. Aggrieved by the order of the A.O, the assessee went on appeal before the CIT(A). 4. During the appeal proceedings before the Ld. CIT(A), the assessee stated that the cash deposits were made out of the sale proceeds of the property sold by his wife Smt. Vanaja. The Ld. CIT(A) examined the cont....
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....uld be assessed in the hands of Smt Vanaja, wife of assessee but not in the hands of the assessee. 7 On the other hand, the Ld. DR argued that it is evident from the sale deed that the property was sold for a consideration of Rs. 20,23,500/- which was declared and signed by the assessee in the registered sale document and witnessed by the various parties. Since, the document was registered and both the parties have accepted the sale consideration, no other evidence is required to prove the actual consideration was Rs. 20.23 lakhs. The Ld. DR further argued that the assessee has not furnished any evidence to prove the sale consideration of Rs. 32.00 lakhs except self-serving statement filed by assessee's wife. The Ld. AR of the assessee d....
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....bank account in ING Vysya Bank and during the previous year relevant to the assessment year 2010-2011, the assessee has made cash deposits of Rs. 33.13 lakhs which was not disputed by the assessee. The amount of Rs. 19 lakhs credited into the bank account by cash on 14-09- 2009; a sum of Rs. 3,99,500/- was paid into the account on 15-09-2009 and a sum of Rs. 2,000/- was paid on 07- 09-2009 in all aggregating to 33.13 lacs.The amounts were paid into the bank account of the assessee by cash. Therefore, the source of cash deposits are required to be explained by the assessee with tangible evidence. In this case, the assessee explained that the entire source was pertaining to the sale of property of his wife Smt. Vanaja. As per sale deed d....
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....eptable as held by hon'ble Supreme court in the case of Coimbatore Spinning & Weaving Co. Ltd. in 95 ITR 375(SC). Further Hon'ble High Court of Punjab and Haryana in [2010] 195 Taxman 273 (PUNJ. & HAR.). Parmijit Singh. V. Income-tax Officer on similar facts held that: "It is a well-known principle that no oral evidence is admissible once the document contains all the terms and conditions. Sections 91 and 92 of the Indian Evidence Act, 1872 incorporate the aforesaid principle. According to section 91, when terms of a contract, grants or other dispositions of property have been reduced to the form of documents, then no evidence is permissible to be given in proof of any such terms of such grant or disposition of the property ex....
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....and accordingly we dismiss Ground Nos. 1 and 3 of the assessee. 11. Ground No. 2 is related to the assessment of income in the hands of the assessee instead of Smt.Vanaja his wife. the Ld. AR argued that the assessee's wife has sold the property and the Ld. CIT(A) has directed the A.O to tax the short term capital gains resulting on sale property in the hands of the assessee which is not correct. During the first appellate proceedings, the Ld. CIT(A) examined the case and made enhancement in the hands of the assessee towards short term capital gains. It was observed by the Ld. CIT(A) that the assessee's wife had purchased the property for Rs. 8,74,000/- on 17-09-2008 and sold the property on 14-10-2009 but not admitted the resultant capi....