TaxTMI 
TaxTMI 
2022 (11) TMI 383
X X X X Extracts X X X X
X X X X Extracts X X X X
.... case, Id. CIT(A) has erred both on facts and in law, in rejecting the contention of the assessee, that the reassessment proceedings initiated by the learned A.O. are bad in the eye of law as the reasons recorded for the issue of notice under Section 148 are bad in the eye of law and are contrary to the facts. 4. On the facts and circumstances of the case, Id. CIT(A) has erred both on facts and in law, in rejecting the contention of the assessee, that the order passed by the A.O. is bad in the eye of law and on facts, as the same is based on the reasons recorded without there being any independent application of mind. 5. On the facts and circumstances of the case, Id. CIT(A) has erred both on facts and in law, in rejecting the contention of the assessee, that the order passed by the A.O. is bad in the eye of law and on facts, ignoring the fact that mere bank deposits do not tentamount to escapement of income." 3. Brief facts of the case are that in this case proceeding u/s 147 was initiated for the following reasons:- This office has received STR No. 1000080626 from the DIT (Inv)., Chandigarh through Income-tax Officer, Ward-4, Panipat vide No.' 88....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ither in Ward-5 or at the time of Investigation. Further I have submitted the relevant papers for your kind perusal. I have submitted to you the copy of certificate of sale of agricultural land at VPO - Data, Tehsil -Hansi, Distt-Hisar. I have submitted to your office copy of bank statement for the year under scrutiny. I have submitted to you the copy of FDR made in my name of Rs.60,00,000.00. The source of above FDR of 60 lacs is the advance money received from buyer of above mentioned agricultural land. Further out of this matured amount of this FDR we had purchased agricultural land at Vill. Puther, Distt. Panipat, at Village Bandh Distt. Panipat and a plot at Gohana Distt. Sonepat. Further last two entries of Rs.50 lacs and 11 lacs as mentioned in your notice the source of these two entries is the advance money received from the purchaser of agricultural land at Hansi. Further I have sold the agricultural land and received the amount. I do not have the copy of sale deed. I have only sale certificate already submitted to you. As a widow I am unable to go to Hansi. So far-copy of sale deed you can write to Sub Registrar of Tehsil - Hansi (Hisar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rds of the order. The assessee had deposited during the year under consideration an amount of Rs.73,99,000/- on various dates, the details of which are at Para 3.2of the Ld. AO's order. The assessee is not denying the fact of the cash deposit and the copies of bank statement are placed at PB Pg. 30 to 38. The explanation of the assessee with respect to the cash deposits can be explained from the cash flow statement placed at PB Pg. 39. The explanation given by the assessee was that the last two entries dated 02.03.2012 and 10.03.2012 of Rs.50,00,000/- and Rs.11,00,000/- respectively were out of advance received by her on account of sale of one of the agricultural lands. To prove the same the assessee had produced the copy of Agreement to Sell placed at PB Pg. 51 to 54. Copy of Receipt is also placed at PB Pg. 55 which shows that the assessee had received an amount of Rs.1,00,00,000/- in cash as advance for sale of property being Rs.50,00,000/- each from the two purchasers as on 1st March 2012. Out of this Rs.1,00,00,000/- the assessee had deposited Rs.61,00,000/- in the bank account. The affidavit of the assessee in this regard was also filed which is placed at PB....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t home of Rs.96,75,000/- . Thus, amount mentioned in the sale deed clearly covers the deposit. The Assessing Officer also accepted that there is mention of cash receipts but he has taken adverse inference as the purchasers did not respond to his notice u/s 133(6) of the Act for confirming the date of cash payment. Further, the Assessing Officer took adverse inference that the assessee could not produce the person before the Assessing Officer. 12. Upon careful consideration, we find that the assessee had submitted the documents which adequately show the facts that the assessee had received cash advance for sale of land. The Ld. Counsel for the assessee has duly submitted following in paper book with due certificate that it was before the authorities below:- S. No. PARTICULARS PAGE No. 1. Copy of letter from DDIT (Inv.), Panipat dated 08.07.2013 1 2. Copy of reply to DDIT (Inv.), Panipat 2 3. Copy of notice under Section 148A dated 29.04.2015 3 4. Copy of reasons recorded under Section 148 of the Act 4 5. Reply to the Ld. AO dated 04.06.2015 5 6. Copy of Notice under Section 142(1) of the Act 6 7. Copy of Notice ....