9911796707
TMI Blog2017 (8) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... reason for the Revenue not to address the availability of funds in the hands of the Sh.Suresh Chand Yadav from his father’s agricultural activity. How the assessee can be held responsible for the financial affairs and the explanation offered by Sh.Suresh Chand Yadav is not brought out in the orders. As per the facts on record, the ownership of a specific land/plot in the hands of the assessee is not doubted. The other party signatory of the Agreement to Sell Sh.Suresh Chand Yadav is identified who explains the source but does not appear on the only one opportunity provided to him. The parties are not related the amounts are stated to be repaid back on specific dates prior to the filing of the return itself. The return as per record was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Learned CIT (Appeals) has grossly erred in confirming the addition made under section 68 by the Assessing Officer ignoring the fact that the prospective buyer of land from whom advance in cash had been received was returned the advance through bank in the same financial year. 5. The appellant craves leave to add, alter, amend or delete the above grounds of appeal at the time of hearing. 2. The relevant facts of the case are that the assessee who is showing income from salary; house property and other sources, returned an income of ₹ 5,59220/-. The said case was picked up for scrutiny as an amount of ₹ 32,33,700/- was found to have been deposited in the assessee s bank account. The assessee was required to explain t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 03.03.2014 for compliance on 10.03.2014 requiring Sh. Suresh Chand Yadav to be present for his personal deposition, along with copy of his income tax returns for 2009 10, 2010 11 and 2011 12 assessment years and copy of bank statement with narrations etc which reflected the transaction with the assessee along with proof and documentary evidence of source of cash. In response to the said notice, Sh. Suresh Chand Yadav as per record has replied on 10.03.2014 stating that due to his family problems he was unable to come. However, the Assessing Officer considering the fact that the assessee failed to explain the deposits in Canara Bank, Barnala (Punjab) A/c No.00000024222 and procuring copy of returns of Sh.Suresh Chand yadav, PAN-ACJPY8421 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le Agreement which had been produced during the assessment proceedings. It was further submitted that the identity of Sh. Suresh Chand Yadav was proved since a direct communication was made to the Assessing Officer. The fact that he was filing income tax returns which were directly procured by the Assessing Officer from the other AO i.e. the AO of Sh.Suresh Chand Yadav. This fact it was submitted further proved his identity. The amounts were stated to have been repaid back as per the submission recorded at page 3 para of the CIT(A) on the following dates:- S.No. Dated Amount (In Rs.) 1. 19.10.2010 7,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d holding of approximately 24 acres between them. However, the explanation offered was not accepted as the assessee was considered to have been changing his stance as to the source of the money coming from the agricultural activity carried out by Sh. Suresh Chand Yadav and thereafter as a gift from his father who instead was engaged in the agricultural activity along with his brothers. 6.1. The Ld.AR reiterated the submissions advanced before the CIT(A). It was further stated that since the transaction did not go through the amounts were returned. 6.2. The Ld.Sr.DR relied upon the impugned order stating that the assessee s stand is vacillating. 7. On considering the above-mentioned overall factual matrix, it is seen that the return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of the return itself. The return as per record was filed on 20.03.2012 and the amounts are claimed to be repaid by cheques on specific dates in October and November in 2010. Accordingly, in the peculiar facts and circumstances of the case, I find that subject to verification that the amounts have been repaid on specific dates back to Sh. Suresh Chand Yadav the addition per se cannot be sustained. The Ld.AR on query was also unable to state whether the said specific plot continues to be held by the assessee or has it been sold. Accordingly, the impugned order is set aside and the issues are restored to the AO to verify the above claims. 8. In the result, the appeal of the assessee is allowed for statistical purposes. The order is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
