TaxTMI 
TaxTMI 
TaxTMI 
2023 (8) TMI 1663
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.... is against law and facts of the case. 2. That the Learned CIT(A)-1 ignored the cumulative circumstances of the case, which prove that the Assessee deposited Rs. 59,00,000/-(. Rs. 15,00,000/- by cheque and Rs. 44,00,000/- in cash, total Rs. 59,00,000/-) in the bank after selling 6 Kanal agriculture land at Vill. Chugatti, Distt. Jalandhar and purchased further agriculture land at Hoshiarpur against the said sale proceeds. 3. The Learned CIT (A) further ignored the judgment of the Allahabad High Court in the case of CIT V/s Intezar Ali in ITA No. 162 (2013) cited by the Assessee counsel. The facts and circumstances of the case was the same as in the case of Assessee. The Honorable High Court dismissed the appeal of the department by accepting source of deposit in the bank was sale consideration of agriculture land. 4. That the Assessee had no other source of income except agriculture income or sale proceeds of agriculture land. The amount was deposited in the bank out of sale proceeds of agriculture land on the same date on 23.05,2006, when the sale deed was executed. 5. That the Learned CIT (A) rejected the appeal of the Assessee that there is no evidence, how the large....
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....ty as per value executed in registered deed. The rest amount of Rs. 44 lakh was deposited in bank on same day on basis of cash received from the same party out of registered deed. The registered deed was executed on dated 23/05/2006 and value was Rs. 15 lakh. The assessee explained that the said cash was received on account of sales of agricultural land. But the ld. AO rejected the assessee's plea. Accordingly, the addition was made amount to Rs.44,00,000/- with the total income of the assessee. Being aggrieved assessee filed an appeal before the ld. CIT(A) by challenging the assessment order. The assessee filed the affidavit of the assessee and the receipt as proof of receiving of cash before the ld. CIT(A). ld. CIT(A) rejected the assessee's plea on the ground that no computation of capital gain is filed before the ld. AO, no proof was filed related the nature of land and escapement of stamp duty. Finally, the assessment order was upheld. Aggrieved assessee filed an appeal before us. 5. The ld. AR for assessee filed written submissions which are kept in record. The ld. AR argued and invited our attention in registered sales deed, annexed in APB pages 6 to 8, copy of affidavit of....
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....lying with the purchase M/s Planet Infrastructure and Developers Pvt. Ltd. The assessee has also stated he has no other source of income except agriculture income or sale proceeds of agriculture land and that the purchaser in this case was a private limited concern deals in property business used their black money in the purchase of properties by executing sale deed of less value to avoid stamp duty' and paid the balance consideration in cash of his black money. In support, the assessee filed affidavit and photocopy of receipt of payment which were self serving documents as the same were signed by the assessee himself and a witness, but not signed by any of purchasers. 7. During the assessment proceedings, the Assessing Officer confronted the facts of the assessee to the purchasers under section 133(6) of the Act, 1961 but the purchasers had denied and stated that they had purchased land only for Rs. 15,00,000/-. The conveyance deed was executed on 23.05.2006 by Mr. Onkar Singh and was witnessed by Shri Bacchan Singh and Shri Sukhveer Singh. The statement of Shir Onkar Singh that Rs.44,00,000/- alleged to have paid in cash by the company was completely false, motivated and m....
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....ents which are reproduce as below: - Hon'able Supreme Court of India Mehta Parikh & Co.v.Commissioner of Income-tax, [1956] 30ITR181 (SC). The ld AR relied on following paragraph which is reproduce as below: - "It has to be noted, however, that beyond these calculations of figures, no further scrutiny was made by the Income-tax Officer or the Appellate Assistant Commissioner of the entries in the cash book of the appellants. The cash book of the appellants was accepted, and the entries therein were not challenged. No further documents or vouchers in relation to those entries were called for, nor was the presence of the deponents of the three affidavits considered necessary by either party. The appellants took it that the affidavits of these parties were enough and neither the Appellate Assistant Commissioner, nor the Income-tax Officer, who was present at the hearing of the appeal before the Appellate Assistant Commissioner, considered it necessary to call for them in order to cross-examine them with reference to the statements made by them in their affidavits. Under these circumstances it was not open to the Revenue to challenge the correctness of the cash book entries, o....
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....hat he is doing agriculture farming and have no other source of income. The Assessee further stated that the deposit in the bank was made out of sale proceeds of 30 Kanal 12 Maria agriculture land against which the purchaser paid Rs. 47,81,250/- through cheque (executing for Sale Deed) and paid in cash Rs. 3,23,50,000/- in token of the receipt of sale. 6. That the Assessee deposited the said money in his bank. The Learned CIT (A) rejected the appeal of the Assessee treating amount of Rs. 3,23,50,0007- as an unexplained income on account of unexplained cash U7S 68 of the LT.Act 1961. 7. That the assessee has duly explained the source of deposit in the bank, now it is for the department to prove that the Assessee had earned this huge amount in the year under assessment in a day(overnight) and the circumstantial evidence proves that the deposit was made after selling agriculture land. 8. That the Honorable High court of Allahabad in the case of CIT V7s Intezar Ali in ITA No. 162 (2013) dismissed the appeal of the department by accepting source of deposit in the bank was sale consideration of agriculture land. The facts and circumstances of the case is the same as in the case ....
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....see reiterated the submissions made before the authorities below and drew our attention towards page no. 79 of the assessee's paper book which is the copy of the cash flow statement and claimed that it was furnished before the AO as well as the Ld. CIT(A). It was submitted that the amount in question was deposited out of the cash withdrawal which was available with the assessee as per the cash flow statement however neither the AO nor the Ld. CIT(A) appreciated the facts under consideration in right perspective and neither the AO nor the Ld. CIT(A) commented upon the cash flow statement furnished by the assessee. He requested to restore this issue back to the file of the AO to be adjudicated afresh after considering the cash flow statement of the assessee. 16. In his rival submissions the Ld. DR strongly supported the impugned order passed by the Ld. CIT(A) and reiterated the observations made by the AO in para 3.17 of the assessment order. 17. We have considered the submissions of both the parties and perused the material available on the record. In the present case it appears that the cash flow statement claimed to be furnished by the assessee was not considered either by t....