2024 (4) TMI 134

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....he AY 2017-18. 2. Briefly stated the facts of the case are that the assessee is an individual filed his return of income for the AY 2017-18 on 23/01/2018 declaring a total income of Rs. 5,28,089/- under 'Short Term Capital Gains' [STCG] and 'other sources'. Subsequently, the case was selected for Limited Scrutiny under CASS to examine the cash deposits made by the assessee during the demonetization period and the claim of exemption of agricultural income. Subsequently, a notice U/s. 143(2) was issued on 15/08/2018 and duly served on the assessee. Thereafter, notice U/s. 142(1) of the Act was issued on 17/7/2019 and called for certain information. In response, the assessee furnished the information as called for. During the course of assess....

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....ontrary to the facts and also the law applicable to the facts of the case. 2. The Ld. CIT(A) is not justified in sustaining the addition of Rs. 25,40,000/- made by the Assessing Officer U/s. 69A of the Act towards alleged unexplained cash deposits in the bank account. 3. Any other grounds may be urged at the time of hearing." 3. At the outset, the Ld. Authorized Representative [AR] submitted that the cash deposited by the assessee in his ICICI bank account is nothing but sale consideration of sites / land. The Ld. AR also submitted that the assessee has filed an agreement of sale before the Ld.AO as well as the Ld. CIT(A)-NFAC but the Ld. Revenue Authorities have not considered the same. The Ld. AR also submitted that the purchaser has....

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....d. DR pleaded to uphold the orders of the Ld. Revenue Authorities. 5. I have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Authorities. It is a fact that the assessee has mentioned about the receipts of sale consideration as per the sale of agreement in his books of accounts. As per the agreement of sale, the purchaser has paid the sale consideration of Rs. 30 lakhs to the assessee. But the contention of the Revenue is that the purchase agreement was not signed by the purchaser. On this aspect, on perusal of the Agreement of Sale, it is clear that the stamp paper is also in the name of the purchaser. Apart from the above, the assessee is engaged in the real estate business. Consi....