2025 (8) TMI 140

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....er referred to as "the Act" for short) for the Assessment Year 2011-12. 2. The assessee has raised the following grounds of appeal : 01. That the Ld. CIT(A), NFAC has erred both in law and on facts while sustaining the addition of Rs. 36,29,000/- on account of sale consideration of agriculture land, and therefore it requires to be deleted 02 That the Ld. CIT(A), NFAC and Ld. A.O has accepted that the amount of cash received on account of sale of agriculture land, however the addition of Rs 36,29,000/- was sustained u/s 56(2)(vii)(a) of the Income Tax Act, 1961 is against the provision of law and therefore it requires to be deleted. 03. That the appellant has submitted the duly signed banakhat before the CIT(A) ....

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....ficer noted cash deposits of Rs.25,69,000/- and term deposits of Rs.30,00,000 in the assessee's bank account during FY 2010-11. 4.1 The case the assessee was reopened u/s 147, and notice u/s 148 was issued on 27.03.2018. In response, the assessee filed his return declaring income of Rs.75,844/-. During the assessment proceedings, it was submitted that the assessee sold agricultural land along with co-owners for a total consideration of Rs.83,34,500/-, of which the assessee's share was Rs.41,67,250/-. While Rs.4,88,250/- was received by cheque, as reflected in the registered sale deed; the balance amount of Rs.36,79,000/- was received in cash and deposited in the bank. 4.2 The Assessing Officer held that since the registered sale deed ....