2022 (7) TMI 1529

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....23.03.2015 passed by the learned ITO-2(4), Bhopal ["Ld. AO"] u/s 144(1)/143(3)/147 of the Income-tax Act, 1961 ["the Act"] for the Assessment-Year 2007-08. ITA No. 536/Ind/2018 is an appeal by Shri Devbaksh Patidar against the order dated 21.03.2018 of learned Commissioner of Income-Tax (Appeals)-1, Bhopal ["Ld. CIT(A)"], which in turn arises out of the order of assessment dated 30.03.2015 passed by the learned ITO-2(4), Bhopal ["Ld. AO"] u/s 143(3)/147 of the Income-tax Act, 1961 ["the Act"] for the Assessment-Year 2007-08. 2. Although the assessees involved in these appeals are different, but Shri Om Prakash Patidar is son and Shri Devbaksh Patidar is father and the factual matrix involved in the appeals are inter-connected. Hence thes....

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....ash-deposits, it was submitted that Shri Devbaksh Patidar sold a rural agricultural land for a consideration of Rs. 72,16,000/- but the consideration was received through cheque to the extent of Rs. 28,16,000/- only and the buyer paid remaining consideration of Rs. 44,00,000/- in cash but the cash-consideration was not shown in the registered-deed. It was further submitted that out of the cash-receipt of Rs. 44,00,000/- which is not shown in the registered-deed, a sum of Rs. 20,00,000/- was deposited in the bank account of Shri Om Prakash Patidar and Rs. 24,00,000/- was deposited in the bank account of Shri Devbaksh Patidar. This way, the assessees explained the sources of cash-deposits. On the issue of taxability of capital gain resulting ....

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....submissions before the Ld. AO in the matter. Ld. AR submitted that by giving such opportunity the assessees would be taxed in a proper manner. 6. Initially the Ld. DR attempted to oppose the submission of Ld. AR, yet finally the Ld. DR could not show any serious objection and agreed for remanding this case back to Ld. AR. 7. We have heard both sides and considered their submissions. We observe that the assessees have filed certain evidences before Ld. CIT(A) during the course of appellate proceeding to justify the sources of cash deposits, although the same could not be filed before the Ld. AO. We also observe that the assessees are agriculturists who have sold the agriculture land and it is quite possible that the land is situated in....