2022 (8) TMI 1396

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....y. For the assessment year under dispute, assessee filed his return of income on 13.04.2010 declaring income of Rs.2,49,247. Assessee's case was selected for scrutiny. In course of assessment proceedings, the Assessing Officer noticed that during the relevant year, assessee had deposited cash aggregating to Rs.25,20,250 in two saving bank accounts held with Kotak Mohindra Bank, Rohtak and Central Bank of India, Rohtak. Noticing this, the Assessing Officer called upon the assessee to explain the source of cash deposits as well as the purpose for which the withdrawals were made from the bank accounts. In response to the query made, the assessee furnished his reply explaining the source of the cash deposits. It was submitted by assessee that t....

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....ved an amount of Rs.10,00,000 towards his share in sale of ancestral land which was deposited in savings bank account held with Central Bank of India. As regards, the deposits of Rs.15,05,250 in Kotak Mohindra Bank, he submitted, the amount was received from various persons for payments, to Paras Finance Co. He submitted, affidavits of the persons advancing money to the assessee were furnished before the departmental authorities. Thus, he submitted, on the face of such corroborative evidences, which were not found to be false, the addition could not have been made. Without prejudice, he submitted, no addition under section 68 of the Act could have been made on the basis of savings bank account statement as, it cannot be considered to be boo....

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....perusal of the conveyance deed, a copy of which is placed in the paper book, it is observed that the said deed was executed on 06.01.2010. Therefore, assessee's claim that an amount of Rs.10,00,000 was received towards sale consideration of the land prior to execution of conveyance deed and deposited in bank account on 30.12.2019, to some extent is believable. Hence, benefit of doubt can be given to the assessee. This is so, because, the Assessing Officer neither in course of assessment proceedings nor during remand has been able to dislodge assessee's claim by making any inquiry. Therefore, I am of the view, cash deposits of Rs.10,00,000 in the account maintained with Central Bank of India stands explained. 8. As regards, the balance amou....