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TMI Blog2020 (1) TMI 221X X X X Extracts X X X X X X X X Extracts X X X X ..... of the above documents suggest that assessee has discharged his onus to prove the identity and creditworthiness of the lender. No merit in the addition so made by the A.O. Income from other sources - sale of agricultural land - HELD THAT:- The claim of assessee that assessee owned 10 bigha of agriculture land is genuine and it cannot be said that the land hold by the assessee is not sufficient to generate quantum of income disclosed. Also found that Shri Banwari accepted the fact that he cultivated the agriculture land (approx. 10 bigha) belonging to Shri Laxman Singh Khokar. He annually paid against the agriculture land amounting to ₹ 1,24,000/- and ₹ 6,800/- against falling tree. No merit in the action of the A.O. in mak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aves right to add, alter or amend any of the grounds of appeal. 2. Rival contentions have been heard and record perused. Facts in brief are that the assessee has deposited cash of ₹ 19,07,500/- during the FY 2008-09 in his saving bank account with SBBJ Bank, Jaipur. Since no return of income was filed by the assessee, cash deposit made by the assessee was not found verifiable and thus the case was reopened. After reopening the assessment, the A.O. made addition of ₹ 18.00 lacs in respect of cash amount deposited in the bank account. By the impugned order, the ld. CIT(A) confirmed the reopening as well as merit of the additions so made by the A.O. against which the assessee is in further appeal before the ITAT. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d, the ld DR has relied on the orders of the lower authorities. 7. With regard to merit of addition, I found that during the course of reassessment proceedings assessee was asked to explain the source of cash deposit. In reply vide letter dated 05.09.2016 assessee explained the source of cash deposit of ₹ 18,00,000/- is from the receipt on sale of agriculture land of about 10 bigha to Shri Jai Chand Khokar and Shri Ram Niwas Khokar and received ₹ 11,00,000/- and 7,00,000/- respectively in cash. The explanation of the assessee is that during the year, the assessee has taken this sum in lieu of transfer of his agricultural land of about 10 bigha to 2 persons, Shri Jai Chand Khokhar who paid ₹ 11,00,000/- (fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r persons are confirming the transaction. 9. The allegation of the A.O. was that the agreement was oral. As per my considered view even the oral agreements are well recognized in the Indian Contract Act. Further, the manner of transaction also depends on personal comforts, proven integrity of the parties etc. In case of any dispute the transaction can even be enforced through the Court of Law by the other parties on the basis of documents/statements given before the Assessing Officer in the income tax proceedings. In such circumstances, it is not justified to raise the said issue for doubting the transaction. 10. From the record I also observed that the possession of land has been handed ov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 59 2 2014-15 - 206551 206551 3 2013-14 - 197480 197480 4 2012-13 - 205335 205335 5 2011-12 - 156310 156310 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cultural land and their income from the agricultural land held by them hence shown their capacity to make payment for the purpose of buying agricultural land. Also in support of the said transaction the assessee has submitted the following documents: a. Copy of affidavit b. Copy of Jamabandi towards proof of capacity c. Copy of statement accepted the fact that amount was given to the appellant for purchase of his agriculture land. Perusal of the above documents suggest that assessee has discharged his onus to prove the identity and creditworthiness of the lender. 13. In view of above discussion, I do not find any merit in the addition so made by the A.O. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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