TaxTMI 
TaxTMI 
TaxTMI 
2023 (5) TMI 57
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....ounsel for the assessee began by stating that solitary issue in the present appeal pertained to addition made to the income of the assessee on account of cash deposited in his bank account remained unexplained to the tune of Rs.22,01,000/-. The ld.counsel for the assessee contended that his only plea was that since he was not offered adequate opportunity of hearing both before the AO and the Ld.CIT(A),and could not make out his case suitably before them,in the interest of justice therefore he be granted an opportunity of hearing again so that evidences and explanation for the sourceof cash deposits could be suitable placed before the Revenue authorities. The reason for not having made his case to the lower authorities was stated by the ld.c....
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....ted before the ld.CIT(A). 3. Even on merit, it hasbeen pointed that the assessee had received compensation on account of acquisition of his land by the Government of Rs.24,62,712/- which he had withdrawn from his bank and kept as cash in hand, so as to enable him to acquire another piece of land as and when available immediately. When the cash remained with him for a long period of time, he re-deposited in his bank account, and withdrew it again after sometime; that he had also deposited cash of his wife during the demonetization period and all the cash deposited in the bank was fully explainable. He therefore pleaded that matter be restored back to the AO for considering the assessee's explanation afresh. An affidavit of the assessee stat....
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.... Bank Ltd. on 25/03/2015. Since such land was compulsorily acquired by Government, I was in need to purchase another agricultural land. So in order to purchase the agricultural land I was keeping cash on hand so that if any land is suitable for me to purchase and if the land owner becomes ready then I can immediately hand over partial amount to such land owner interested in selling the land to me. With this view, I was , keeping cash on hand with me which were mainly from cash withdrawals from the same bank. Whenever, I feel that now for particular period I do not need cash I was re-deposing such cash to my bank Account with The Ahmedabad District Co. Operative Bank Ltd. 3.1 was having the cash with me which were mainly from Cash withdraw....
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....ted my cash of Rs. 15, 36, 5007- and also her cash of Rs.9, 13,5007- aggregating to total cash of Rs.24,50,0007- ( Rupees Twenty Four Lakh Fifty Thousand Only) in The Ahmedabad District Co. Operative Bank A/c. Reason Why Documents Could Not Be Submitted Before Lower Authorities [I] Assessment Stage 05. At the time of assessment proceedings, my Income Tax proceedings were being handled by local Income Tax Practitioner and he was also handling my scrutiny assessment matter of the year under consideration. When I was asking him about the status and requirement of details to submit in the Scrutiny Assessment Proceedings, he was saying that he shall submit necessary details, data, documents etc. and intimating me to be free out of any tens....
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.... on ex-parte basis without being adjudicated on the merits of the case. Humble Prayer Because of the above reasons, I could not submit the submissions, documents, details etc. before the lower authorities. I am semi literate person having education of only 10th pass. I have not been having the knowledge of IncomeTax Laws. In fact my knowledge about Income Tax Laws is next to nothing. By not submitting the details, I have not gained anything. I request Honourable Bench of Income Tax Appellate Tribunal to admit the additional evidences. The above information is true to the best of my knowledge and belief." 4. The ld.DR however opposed the plea of the ld.counsel for the assessee. 5. I have heard rival contentions; gone through the or....
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....,000 in my bank account with Ahmedabad District Co-operative Bank Ltd. As per the Land Acquisition Act, 1894, my land near Sarkhej Dhandhuka Vistaman, Bhavnagar has been compulsory acquired and the consideration of Rs. 24,62,712 has been paid in my abovementioned bank account as on March 25, 2015. Bank statement and notice under section 12(2) of the Land Acquisition Act, 1894 are attached herewith. (b) Sources are from the above receipt of Rs. 24,62,712 which has been withdrawn periodically from April 2, 2015 to May 13, 2015 amounting of Rs. 24,44,000 which is reflected in the bank passbook. This withdrawal was to purchase a new agricultural land because the Government has acquired the agricultural land mentioned above.' However, th....