2017 (6) TMI 1373

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.... delay in filing the appeal. The Ld. DR present was duly heard. I have perused the condonation petition filed by the assessee. There is sufficient reason for delay in filing the appeal. The delay cannot be attributed to any latches on the part of the assessee for filing the appeal belatedly, hence, I condone the delay in filing the appeal and proceed to dispose of the case on merits. 3. The solitary issue that arises for my consideration is whether the CIT(A) is justified in confirming the assessment order, wherein an addition of Rs.30 lakhs was made to the returned income. 4. The brief facts in relation to the issue are as follows: The assessee is an individual, who is employed with KMML Ltd., Chavara, Kollam. For the assessment y....

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....ed 76.73 ares of land to Sri Sajiv Mathai. However, the total consideration as narrated in the document is only Rs.335,700/-. The assessee has not produced any evidence to prove that the cash credit of Rs.30 lakhs seen in the assessee's bank account on 20/01/2011 represented the sale consideration of the above land. Further, the sale consideration as narrated in the above document is only 335,700/-. Thus, the assessee has not produced any credible evidence which would link the cash credit in his bank account with the sale of land belonging to his wife. This has been admitted by the assessee in the statement recorded on 16/01/2014. The only shred of evidence linking the sale of land and the amount of credit is the date of transaction being 2....

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....correct. It was submitted that the Assessing Officer should have understood that the total consideration received is Rs.31 lakhs and the amount received on the date of registration from the buyer is Rs.30 lakhs and Rs. one lakh from the mediator at the time of agreement, which the assessee mentioned at the time of making the sworn statement. The CIT(A) however rejected the contentions raised by the assessee and dismissed the appeal. The relevant finding of the CIT(A) reads as follows: "3. The crux of the issue is what is the source for the cash deposit of Rs.30 lakhs made in the appellant's bank account. Had it been from the sale consideration received by his wife, it cannot be more than Rs.3,35.700/- since this is what the only am....

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....a sum of Rs.30 lakhs was deposited in the Kottarakkara branch of ICICI on 20/1/2011. 7. I have heard the rival submissions and perused the material on record. The Ld. Counsel for the assessee has filed a petition and an affidavit of the assessee for admission of additional evidence. The additional evidence now sought to be admitted before the Tribunal is a certificate from the Valuation Officer valuing the property sold by the wife of the assessee. Further a letter of the Manager of ICICI Bank, Kollam Branch, stating that the amount of Rs.30 lakhs was deposited by the assessee in ICICI Kottarakkara Branch on 20-1-2011. In the petition filed by the assessee, it has not been stated why the above mentioned additional evidence now sought to ....