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TMI Blog2016 (9) TMI 339X X X X Extracts X X X X X X X X Extracts X X X X ..... , the following substantial questions of law arise :- "I. Whether the 'chargeable income' is to be in the hands of the beneficiary & the 'charge' has to be on the 'real income' of the assessee as emerging from the 'material facts' containing 'material particulars' in accordance with ITO Vs. Atchaiah (1996) 1 SCC 417 ? II. Whether under the facts and circumstances of the case, the action of treating the 'capital account transactions' into 'revenue' is unreasonable while charging the character of bank receipts in the hands of the recipient ?" Having heard learned counsel for the parties and perusing the record with their able assistance, we are of the opinion that the present appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eement qua the same land was executed, in pursuance to which, advance of Rs. 85,00,000/- was received and date of registration of sale deed was fixed as 30.06.2009. This agreement was also cancelled on 25.06.2009 and the entire amount of the received advance was returned. The assessee then went on to submit that on 26.06.2009, another agreement was executed, in pursuance whereof, an advance of Rs. 1,00,00,000/- was received, but the date of registration of sale deed qua this agreement was not mentioned. The Assessing Officer disbelieved the stand of the assessee. He found that none of the afore-referred agreements referred to the assessee as the owner of the land. The owners of the land were the assessee's father and his uncles. The so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he afore-referred facts, the Assessing Officer added to the income of the assessee the cash deposits made by him for Rs. 23,34,075/- and Rs. 59,92,750/- in the State Bank of India and Axis Bank respectively. The assessee challenged the assessment order by way of an appeal before the Commissioner, who dismissed the same. The reasons, as given by the Assessing Officer, for addition of the cash deposits made by the assessee, were sustained by the Commissioner. The Commissioner further found that no offer was made by the assessee to explain the source of deposits made by him in his saving bank account maintained with the State Bank of India. So far as the source of deposit of cash in his saving bank account maintained with Axis Bank was concer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement dated 02.08.2008, another agreement dated 30.04.2009 qua the same tract of land was entered into between the father and the uncles of the assessee on one side and Baldev Singh on the other side. In pursuance to this agreement, Rs. 85,00,000/- was received. The assessee stated that this agreement was also cancelled on 25.06.2009 and the entire amount so received was returned. On perusal of the record, the Commissioner found that there was no transaction of withdrawal of any money by the assessee on 25/26.06.2009 from his bank accounts. In view of the above, the Commissioner, being of the view that the cash deposits made by the assessee in his saving bank accounts maintained with the Axis Bank and State Bank of India had nothing to d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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