TaxTMI 
TaxTMI 
2022 (7) TMI 687
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....ved in this appeal is the addition of Rs. 43 lakhs as unexplained credit in the capital account of the assessee. Brief facts of the case relating to this issue are that the assessee is an individual. For the assessment year 2016-17 he did not file the return of income. There was a survey under section 133A of the Income Tax Act, 1961 (for short "the Act") on 02/03/2017 and subsequently the assessee filed the return of income on 22/02/2018 declaring an income of Rs. 23,22,030/-. During the course of survey operations documents/books of account/loose papers were found and impounded. 3. During the course of assessment, learned Assessing Officer found in the personal account filed along with the return of income, an amount of Rs. 43 lakhs to....
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....document does not belong to him. Further according to the learned Assessing Officer the assessee failed to substantiate his claim of sale of agricultural land by submitting necessary documentary evidence and the alleged lands sold under the agreement were not to be found in the Balance Sheet of the assessee as on 31/3/2015 on assets aside. For these reasons, learned Assessing Officer recorded that the assessee failed to discharge his onus of substantiating his claim and therefore the sum of Rs. 43 lakhs shown in the personal account of the assessee has to be added to his income by treating the same as income from other sources. 5. In the appeal preferred by the assessee, Ld. CIT(A) considered this issue at length and on verification of d....
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.... the survey and to be found at page No.381 of the impounded material in the form of Annexure TS/A/04. 7. Per contra, Ld. DR submitted that even if we go by the contents of the agreement dated 06/11/2015, a sum of Rs. One lakh only was received under such agreement and the balance of sale consideration was to be received in future, and in the absence of any clinching evidence as to such payments, it cannot be believed that the assessee properly explained the source of the credit to be found in the personal account filed along with the return of income. He submitted that, as rightly observed by the Ld. CIT(A), pursuant to this agreement 06/11/2015 four sale deeds were found to have been executed on 22/06/2016, under which the total sale co....
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....ce to show that on the dates so mentioned in the agreement such balance sale consideration was paid. 9. A reading of the agreement dated 06/11/2015 to be found at page No. 15 of the paper book clearly shows that as on the date of such agreement, the father of the assessee received Rs. One lakh. The balance sale consideration was agreed to be received on 15/11/2015, 20/12/2015 and 20/12/2016 for registration of the property. So it is clear that, the balance sale consideration was to be received by the father of the assessee on the dates on which the respective properties were registered on the name of the vendees. At this juncture, the observations of the Ld. CIT(A) that the property was sold on 22/06/2016 under four registered sale deeds....