2018 (7) TMI 2207

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....o.1 and 5 are general in nature which does not require any adjudication. 3. Ground No.4 is levy of interest u/s 234A, 234B and 234D which is mandatory. The Ld.AR did not make any argument on this Ground, therefore Ground No.4 is dismissed as not pressed. 4. Ground No.2 and 3 are related to the addition of Rs. 85,00,000/- made by the AO towards unexplained cash credits u/s 68 of Income Tax Act (hereinafter called as 'Act'). During the assessment proceedings, the AO found that the assessee has made the cash deposits in the bank account to the tune of Rs. 85,00,000/- as under : Sl. No. Month Description of Transaction Amount 1. April, 2010 Land Advances Received Back Rs. 25,00,000/- 2. May, 2010 Land Adva....

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....nd advances and held that that there is no basis for the assessee's claim that the impugned amount was received back and accordingly confirmed the addition. 6. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before this Tribunal. During the appeal hearing, the Ld.AR argued that the assessee has withdrawn sums of Rs. 95,00,000/- from 10.01.2010 to 31.03.2010 and the said amounts were given as advances for purchase of lands to various landlords. Since the transaction could not be finalized, the amounts were received back and re-deposited in the bank account. The assessee filed extract of the cash book in paper book and argued that the time gap between the deposits and withdrawals was very less, there is no reason to susp....

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....assessee has made advances for purchase of land as under : Land Advances Given During F.Y.2009-10 10.01.2010 - Rs. 35,00,000 29.03.2010 - Rs. 50,00,000 31.03.2010 - Rs. 10,00,000     __________     Rs. 95,00,000 Similarly, the assessee stated to have received the said land advances from the landlords and deposited the said sums in the bank account as per the details given below : Land Advances Received Back, F.Y. 2010-11 5.4.2010 - 25,00,000 7.5.2010 - 10,00,000 9.6.2010 - 5,00,000 9.8.2010 - 20,00,000 27.08.2010 - 15,00,000 24.09.2010 - 10,00,000     _________     85,00,000 ....