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TMI Blog2018 (3) TMI 726X X X X Extracts X X X X X X X X Extracts X X X X ..... wal as source available with the assessee for payment of consideration. CIT(A) noted that an amount of ₹ 83 lacs was paid through cheque No. 868041 dated 14.01.2009 which was also shown in the details as recorded by the AO. Therefore, when the purchase consideration to the extent of ₹ 83 lacs paid through cheque from the account of the son of the assessee then, the balance amount of ₹ 19,44,940/- was very much accepted by the AO as source from the cash withdrawal of ₹ 45 lacs. Accordingly, no merit and substance in the present appeal of the Revenue - ITA No. 721/JP/2017 - - - Dated:- 31-1-2018 - SHRI VIJAY PAL RAO, JM AND SHRI VIKRAM SINGH YADAV, AM For The Assessee : Shri P . C . Parwal ( C . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29.03.2016 for assessment of the income which has escaped assessment as the assessee did not declare this transaction in the return of income declaring total income of ₹ 1,74,565/-. The AO asked the assessee to explain the source of investment made for purchase for agricultural of land in question. The assessee submitted that the purchase consideration was paid the amount received from the bank account of the son Shri Raj Kumar. The Assessing Officer after examination of the bank account Shri Raj Kumar son of the assessee noted that only cash of ₹ 45,00,000/- has withdrawn from the account of Shri Raj Kumar and accordingly, the AO made an addition of ₹ 57,44,940/- as unexplained investment. On appeal, the ld. CIT(A) has d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 1,02,44,940/-. The details of the property purchase by the assessee during the year under consideration are given by the AO in para 3 as under:- Property details Date if registry Amount Assessee s Share 14/01/2009 ₹ 88,30,000/- ₹ 44,15,000/- 14/01/2009 ₹ 55,44,000/- ₹ 27,72,000/- 14/01/2009 ₹ 50,68,000/- ₹ 25,34,000/- Registration Charges ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee from undisclosed sources . 4.1 Thus, it is clear from the details as recorded by the AO that there was a cash withdrawal from the bank account of Shri Raj Kumar the son of the assessee of ₹ 45 lacs and also there is transfer entry of ₹ 83 lacs which was accepted by the AO in his order however, the AO has considered only the cash withdrawal as source available with the assessee for payment of consideration. The ld. CIT(A) after considering the necessary details has given the finding in para 5.3.2 as under:- 5 . 3 . 2 I have considered the above mentioned facts of the case along with the bank statement of Sh . Raj Kumar . In this regard I have also perused the affidavit from the purchaser Sh . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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