2022 (11) TMI 15

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....ion of Rs, 4,05,000/- treating explained cash deposits as unexplained deposits. The said deposits were made out of income earned and offered to tax in return of income and withdrawals from bank account during the year. The learned AO grievously erred on facts as also in law in making addition of Income of Rs.1,19,31,000/- which is equal to amount of cash deposited in bank account The addition is in total disregards to the facts of the appellant's case and merely on suspicion, conjectures and surmises and is totally unjustified and deserves to be deleted and may kindly be deleted. On the facts and in the circumstances of the case and in law the learned Commissioner of Income Tax (Appeals) erred in holding that AO is correct and justif....

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....Year 2013-14 as per AIR information the assessee purchased four agricultural lands at Dwarka, Gujarat. Thereafter, the assessee sold the properties bearing survey no. 255 for a sale consideration of Rs. 68,83,640/- and survey no. 247 and survey no. 250 for Rs. 1,34,19,885/- respectively. The sale price was worked out on the basis of purchase price plus stamp duty and Registration fees. The assessee explained that the one RSPL Ltd. had financed the investment in properties through him as he was an agriculturist and the land could be purchased by an agriculturist only as per the Government Rules. So he lend his name and entire finance was made by the said RSPL Ltd. by opening a separate bank account with State Bank of India, Jamnagar Branch. ....

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....s of the assessee reproduced by the CIT(A) in the order and the submissions made before the Assessing Officer reproduced in the assessment order as submissions before us. 6. The Ld. DR submitted that huge amount more than the amount involved in the purchase and sale of land was involved in the said transactions, which was deposited in bank account of the assessee and withdrawals were also made accordingly. Thus, the assessee benefited monetarily in indirect way and the so called MOU executed after all the transactions were over. Thus, the Assessing Officer rightly made addition of Rs. 4,07,000/-. The Ld. DR relied upon the assessment order and the order of the CIT(A). 7. Heard the Ld. DR and perused all the relevant material available on ....