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TMI Blog2012 (9) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee selling any ancestral agricultural land. Nothing was also brought on record as to when this agricultural land was bought by the assessee and the consideration paid for the same. AO has not given any positive remand report nor the CIT(A) has recorded any of his own finding to the effect that he has examined the proposed buyer of the agricultural land. Therefore issue remand back to AO Assessee receive gift by way of Demand draft from 2 persons – Receive gift of Rs. 1 lacs drawn on three drafts – Receive another gift of Rs. 4 lacs drawn on ten demand drafts i.e. Rs 40000 each - Gift deed submit before CIT(A) - Held that:- Gift have been shown as given in the form of demand drafts which seem to have been purchased in cash as more than or equal to Rs.50,000/- drafts are prepared by banks normally only after the draft purchaser quotes his PAN no. Therefore, Gifts so received were not genuine and the credit worthiness of the donors was not proved. Nothing was brought on record to persuade us to deviate from the findings recorded by lower authorities. Accordingly upheld the addition. Decides in favour of revenue - ITA No. 198/Ind/2011 - - - Dated:- 2-7-2012 - SHRI JOGIND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,45,000/- on 01.10.2003. Copy of registry is enclosed herewith. 8. I have not shown any income of minor in income tax return for A.Y. 2005-06. 9. I have received gift of Rs. 5,00,000/- from two persons. Rs. 1,00,000/- from Shri Ashok Patidar, resident of 122, Bada Bazar, Rao, Indore, and Rs. 4,00,000/- from Shri Kashiram Patidar, resident of 122, Bada Bazar, Rao, Indore. Copy of gift declaration is enclosed herewith. All the gift has been received by me by way of Demand Drafts. 4. The AO observed that the main issues for consideration are as follows:- . (a) During the year under consideration, the assessee has received gift of Rs.5,00,000/- from two persons, namely, Shri Ashok Patidar (Rs.1,00,000/-) and from Shri Kashiram Patidar (Rs.4,OO,OOO/-). (b) On the basis of AIR information received in the case of Ku. Neha Gopal Banke, there are cash deposits totaling to Rs.29,60,421/- in the bank account, maintained in The Sarswat Cooperative Bank Ltd, RNT Marg, Indore, during the F.Y. 2004-05. (c) Similarly, in the bank account of Shri Gopal Banke, maintained with The Sarswat Cooperative-Bank Ltd, RNT Marg, Indore, there are cash deposits totaling to Rs.34,77,529/- during th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.1,00,000/- from Shri Ashok Patidar, vide DD Nos. 811661, 811662 and 811663 dated 08/06/2004. It is noticed that the stamp paper bearing no. 529 was of dated 09.06.2004. Similarly, as per copy of Gift declaration dated 08/06/2004, the assessee had received a gift of Rs.4,00,000/- from Shri Kashiram Patidar, vide DD Nos. 811651 to 811660 of Rs. 40,000/- each dated 08/06/2004. It is noticed that the stamp paper bearing no. 526 was of dated 09/06/2004. (b) Gift have been shown as given in the form of demand drafts which seem to have been purchased in cash as more than or equal to Rs.50,000/- drafts are prepared by banks normally only after the draft purchaser quotes his/her/its Permanent Account Number (PAN). (c) More than one draft is shown which costs more commission to the draft purchaser. Any prudent person would not go for purchasing 10 drafts of Rs.4,00,000/-. Similarly, three drafts were purchased for gift amount totaling to Rs.1,00,000/-. 10. Finally, the income of the assessee was computed at Rs. 71,09,226/-. 11. During the course of appellate proceedings before the CIT(A), it was submitted by the assessee that the assessee Jointly reside with his two brothers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roper credit of cash withdrawal by the assessee from the same bank account. To justify the source of availability of cash with the assessee, following documents were filed before the CIT(A). a) Copy of Bank statement with the Saraswat Co-operative Bank Limited in the name of the assessee and his daughter. b) Copy of Family settlement deed executed between the assessee and his brothers. c) Copy of sale agreement executed in respect of Agricultural land admeasuring 5.124 Hectare. d) Copy of revised cash book after incorporating the entire entries in respect of bank account of the assessee and his daughter with the Saraswat Co-operative Bank Limited. e) Copy of revised capital account and Balance Sheet after incorporating the entries in respect of all the bank account of the assessee. 12. With regard to the gift so received, the assessee filed copy of gift deed so executed in favour of the assessee by both the donors. All these documents were sent by the CIT(A) to the AO u/s 250(4) for his comments. The assessing officer vide letter dated 16/05/2011 submitted his remand report along with the report of inspector, statement of Kashiram Patidar (Mukati), Ashok Patidar, Madan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ettlement. However, in respect of sale of agricultural land against which it was alleged by the assessee that an advance of Rs. 26 lacs was received, which was also repaid due to breach of agreement, is not supported by proper evidence on record. On the one hand, it appears that whatever agricultural land and ancestral property the assessee was having, his share in the same was handed over to his brother in family settlement and he was in receipt of Rs. 28 lacs as consideration for the same. When the agricultural land was alleged to be given in family settlement to other brothers, no question arises for the assessee selling any ancestral agricultural land. Nothing was also brought on record as to when this agricultural land was bought by the assessee and the consideration paid for the same. Nor it is evident from the balance sheet of the assessee for earlier years. It is also not substantiated as to how and wherefrom the assessee has repaid the amount received as advance which he has already utilized for depositing in the bank account, on the cancellation of the said agreement to sale. As this contention was raised for the first time before the CIT(A) and the Assessing Officer has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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