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TMI Blog2015 (10) TMI 919X X X X Extracts X X X X X X X X Extracts X X X X ..... xamine the evidences filed with respect to the repayments to the buyers as the sale transactions did not fructify and after going through the bank statements and examining the persons, if necessary, decide the issue in accordance with law. - Decided in favour of assessee for statistical purposes. - ITA No. 1030/Hyd/2014 - - - Dated:- 16-7-2014 - SHRI B. RAMAKOTAIAH AND SMT. ASHA VIJAYARAGHAVAN, JJ. For the Appellant : Sri A.V. Raghu Ram For the Respondent: Sri R. Mohan Reddy ORDER Per: Asha Vijayaraghavan: This appeal by the assessee is directed against the order of the CIT(A)-V, Hyderabad dated 07.02.2014 for assessment year 2009-10. 2. The assessee filed his return of income for A.Y. 2009-10 on 15.10.201 admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s are corresponding to the amounts appearing as cash deposits in bank, it is seen that the said documents are unregistered and not verifiable. The assessee also failed to submit confirmations from the farmers in support of the said payments. It is also seen that the title of document is Sthiraasthi Vikraya Patram (in Tetugu). which translates as Immovable Property Sale Deed . It is a general practice that Sale Deeds fructify only when they are registered. In this case, the copy of the Sale Deed clearly shows that it is unregistered. Further, the names and addresses of the farmers who purportedly gave the amounts to the assessee as advance, are not available in the document. This is in contrast to the general practice where any Sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t fructify and the amount was paid back to the said persons who had given advances. The learned AR submitted that the said amounts were received and paid through the bank account. It was further pointed out that though the assessee had expressed his readiness to produce confirmation letters and to produce the persons for examination, the Assessing Officer completed the assessment abruptly alleging that the assessee failed to produce any confirmation letters from the farmers regarding creditworthiness and genuineness of the transactions. The CIT(A) agreed with the observations of the Assessing Officer regarding the cash credits and held that the AO had rightly made the addition of ₹ 70,50,000 towards unexplained cash credit in the abse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re as under: a) Agreement of Sale dated 23.07.2008. b) English translation of above AOS. c) Agreement of Sale dated 22.09.2008. d) English translation of above AOS. e) Bank account statement of assessee with Axis Bank for the period 1.4.2004 to 11.10.2011. f) Bank account statement of assessee with ICICI Bank for the period 1.8.2009 to 31.03.2010. 8. The learned counsel also filed petition for admission of additional evidence wherein he had filed the following documents: a) Passport of the assessee. b) Details of repayment of advances for sale agreement dated 23.7.2008 along with confirmation letters. c) Details of repayment of advances for sale agreement dated 22.8.2008 alon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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