2025 (8) TMI 433

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....or hearing on fifteen dates. On most of the dates fixed for hearing none appeared to represent the assessee and on some dates wherever representative of the assessee appeared, adjournment was sought. It seems that the assessee is not keen to pursue his appeal, therefore, the appeal is taken up for hearing with the assistance of ld. DR and the material available on record. 3. Brief facts of the case as emanating from records/statements of facts furnished by assessee are: The assessee's case was selected for limited scrutiny through CASS with the reason; (i) large deduction claimed u/s. 54F of the Act; and (ii) sale consideration of property in ITR is less than sale consideration reported in Form No. 26 QB. Subsequently, the case of assess....

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.... The assessee explained before the AO, that the cash deposits are from earlier bank withdrawals. As per the assessee's contention, the assessee has withdrawn Rs. 72,00,000/- from his Union Bank of India account no. 388802010011290 and has thereafter deposited the aforesaid withdrawals to his different bank accounts as under: Indusind Bank Rs. 25,00,000/- Yes Bank Rs. 29,00,000/- RBL Bank Rs. 9,00,000/- Total Rs. 63,00,000/- The Assessing Officer partly accepted the explanation furnished by the assessee with regard to cash deposits. The AO added back Rs. 16,45,000/- i.e. Rs. 8,07,500/- with Indusind Bank Rs. 6,97,900/- with Yes Bank and Rs. 1,40,000/- with RBL Bank, the cash deposits prior to withdrawal from Union ....

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.... vs. ITO (supra), the assessee had purchased agricultural land in the name of his wife and had claimed deduction u/s. 54B of the Act. The provisions of section 54F of the Act are pari materia with provisions of section 54B of the Act, hence, same analogy would apply. As regards addition on account of cash deposits, the ld. DR submits that before the AO assessee explained that the cash deposits amounting to Rs. 16,45,400/- were out of cash in hand from business receipts and earlier withdrawals from Bank. But in appellate proceedings, the assessee changed his stand and submitted that the cash deposits were from advance received from sale of property. The CIT(A) rejected assessee's claim as the same was unsubstantiated. 6. We have heard the....