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TMI Blog2015 (10) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... rce of the bank deposit available initially with the assessee has not been established. Unless the source of bank deposit initially available with the assessee is found to be genuine, it cannot be held that the assessee had accounted money in his bank account which was utilized for payment of advance for purchase of land and subsequently returned since the sale has not materialized. Therefore, in the interest of justice we hereby remit the matter back to the file of the Ld. Assessing Officer for denovo consideration. - Decided in favour of revenue for statistical purposes - I.T.A.No.1969/Mds. /2014 - - - Dated:- 5-8-2015 - SHRI N.R.S.GANESAN AND SHRI A.MOHAN ALANKAMONY, JJ. For The Appellant : Mr.P.Radhakrishnan,JCIT,D.R For Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 27.02.2013 wherein the ld. Assessing Officer held that the cash deposits made by the assessee with HSBC (SB a/c No.5120421106125547) as on 31.03.2008 as unexplained cash credit u/s.68 sic., unexplained investments U/s.69 of the Act. 5. The assessee had explained before the Ld. Assessing Officer that he had advanced cash to Shri C.Subramnia Gounder on various dates which were withdrawn from his bank account and from the cash balance available with him for purchase of land. Since the sale could not materialize the advanced money was refunded and the same was re-deposited in his HSBC SB Account No.5120421106125547. In order to substantiate his claim the assessee had also produced the sale agreement before the Ld. Assessing Officer, how ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As per bank pass book (Lakhs) a 28.12.2008 2 b 05.06.2009 7 c 15.09.2009 2 d 12.01.2010 3 e 05.02.2010 3 f 05.03.2010 3 g 23.03.2010 3 Total 30 7. The Ld. CIT (A) after examining the submissions of the Ld. A.R. allowed the appeal of the assessee in his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank amounting to ₹ 3,00,000/-. Only some amount of cash was utilized and then on 22.12.2009 an amount of ₹ 2,25,000/- was deposited into the Savings Bank Account with HSBC Bank. The Assessing Officer without bringing any adverse evidence on record has concluded that writings/notings on the agreement regarding advance given and refund of money were written by the same person on the same date. The Assessing Officer ought to have verified the facts through an independent verification by examining Shri C. Subramania Gounder. The confirmation letter from Shri C. Subramania Gounder was submitted before the Assessing Officer during the course of assessment proceedings. Without verifying the facts and making any enquiries, the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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