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TMI Blog2012 (7) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... property was made has also confirmed the fact regarding the transaction entered into for purchase of the property. Therefore, there is no doubt that cash balance was available with the wife of the assessee - as the amount was given by her to her husband which in turn has deposited in his bank account, not stating specifically regarding the character of transaction between husband and wife whether it was loan or gift, shall not be sufficient to treat the source of the amount deposited in the bank account of the assessee as unexplained - in favour of assessee. - ITA No.4295/Del./2010 - - - Dated:- 28-6-2012 - SHRI RAJPAL YADAV, AND SHRI B.C. MEENA, JJ. ASSESSEE BY : Shri Hari Om Maheshwari, FCA REVENUE BY : Shri Devender Singh, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from Shri Bharat Bhushan, as part payment towards the full consideration of Rs.52 lakhs. A copy of the sale agreement was also furnished and Shri Bharat Bhushan has also come forward to confirm the transaction in his statement u/s 131. Since the deal did not work out, Shri Bharat Bhushan refunded the cash to the appellant during the current year after a few months of receipt, and the appellant deposited the same in the bank account. These facts are fully reflected in the cash book of the appellant. The Ld. AO has examined the wife of the appellant, Smt. Narinder Sachdeva, who has again confirmed the above transaction. The learned AO has disregarded this evidence only on the basis of the observation that Mrs. Narinder Sachdeva did not carry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provision of section 144 statutorily require the AO to give an opportunity before framing the assessment on the specific grounds. Regarding the noncompliance by the appellant I find that the appellant, had shifted to Mumbai and hence was not in a position to take care of the assessment proceedings, being an old person, who had wounded up his business from Delhi. He may have asked some representative to appear, however, there was professional negligence on their part and it is not clear whether the due power of attorney was executed in their favour or not. The appellant's counsel appeared before the learned AO on 19/12/2007, in order to furnish relevant documents, however, he was not aware that order u/s. 144 was already passed. This clear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er or amend any / all the grounds of appeal before or during the course of hearing of the appeal. 4. Thus, the only issue raised in these grounds of appeal is against the deletion of addition of Rs.21,65,000/- u/s 68 of the Income-tax Act, 1961. 5. The ld. DR relied on the order of the Assessing Officer and also submitted that the transaction between the wife and the assessee is not established. Therefore, the CIT (A) is not justified in deleting the addition. 6. On the other hand, the ld. AR relied on the order of CIT (A) and also pleaded that the assessee has established that there was a cash withdrawal by the wife from her capital account maintained with M/s. Ocean Trading Company in which she was a partner. Sufficient cash balanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rpose for which the withdrawal was made were also well established. The person with whom Smt. Narinder Sachdeva (wife of the assessee) entered into an agreement for purchase of property for which withdrawal was made has also affirmed this fact. The facts regarding the cancellation of deal are also established and revenue had not proved otherwise. Therefore, there is no doubt that cash balance was available with the wife of the assessee. She has also stated that the amount was given by her to her husband which in turn has deposited in his bank account. Not stating specifically regarding the character of transaction between husband and wife whether it was loan or gift, shall not be sufficient to treat the source of the amount deposited in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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