2025 (3) TMI 1853

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....CIT(A) has erred in deleting the addition of Rs. 2,46,38,500/- which was added by the AO with the aid of Section 68 of the Income Tax Act. 2. The brief facts of the case are that assessee did not file the return of income. An information came to the AO that assessee has made a cash deposit of Rs. 2,46,75,200/- in his Saving Bank Account, therefore, AO has recorded reasons and issued notice under Section 148 of the Income Tax Act. In response to that, assessee has filed return of income on 25.12.2021 declaring total income of Rs. 2,12,120/- from salary and Rs. 24,385/- from other sources. The AO has issued notice under Section 143(2) as well as 142(1). The ld. AO sought explanation of the assessee about the source of deposits in the Savin....

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....n Kaur. The appellant further submits that agricultural lands admeasuring 38 Kanal 7 marla was sold against the sale consideration of Rs. 2,73,00625/- (Rs. 2,41,50,000/- + Rs. 81,50,625/-) and total amount received as on 21/12/2013 of Rs. 2,41,50,000/-. This advance amount and the agricultural income of Rs. 4,88,500/- totaling of Rs. 2,46,35,800/- was deposited in his bank account. It is further submitted that Rs. 24,354/- was earned as accumulated interest and Rs. 25/- miscellaneous income which totaling of Rs. 2,46,62,879/- (Rs. 2,41,50,000/- + Rs. 4,88,500/- + Rs. 24,354/- + Rs. 25/-) was redeposited to the bank account of Smt Paramjeet Kaur (A/c No. 914010000008513 of Rs. 1,20,00,000/-) and Smt Chetan Kaur (A/c No 914010000008649 of Rs.....

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....able income is to arise, will arise in the hands of the beneficiaries or the real recipients of cash. It is also proved that cash has come out of the sale of agricultural land, which is not taxable. Though the cash amount as per bayana is much more than the sale deed same is from the sale of agricultural land and the rightful owners are the relatives of the appellant and hence if any incidence of taxation in view of difference in bayana amount and sale deed amount will lie in hands of the relatives and not in the hands of appellant. The AO has not established that cash arisen is out of any other source than that of sale of agricultural land and hence any excess cash to sale deed would also be out of sale of agriculture land and is required ....