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TMI Blog2021 (3) TMI 1094X X X X Extracts X X X X X X X X Extracts X X X X ..... s casted upon him. Even after recording the statement wherein Sh. Mohinder Singh owned up the amounts as being from his own sources, the revenue ought to have examined as to the taxability of the amounts in the hands of Sh. Mohinder Singh. Regarding the amounts received from Sh. Bhrama Nand, Sh. Surjeet Singh and Sh. Leela Ram, the matter is being referred to the file of the AO to examine the matter afresh duly following principles of natural justice and giving the details of the enquiries conducted by the revenue so that the assessee gets an opportunity to furnish their replies. Appeal of the assessee is partly allowed. - ITA No. 869/Del/2017 (Asstt. Year : 2011-12) - - - Dated:- 10-11-2020 - Sh. Sudhanshu Srivastava, Judicial Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e form of land revenue records to show the creditworthiness of the purchaser have been produced, further the said transaction has been duly recorded in the books of accounts of the assessee therefore the rejection of the said transaction by the Ld. Assessing Officer is not tenable and without any material on record hence needs to be set aside. (b) That the Ld. CIT(A) was not justified in confirming the action of Ld. A.O., in making an addition of ₹ 58,00,000/- as undisclosed income of the assessee on the ground that the Agreement to sale entered with Mohinder Singh, Rajesh Sandeep is unbelievable whereas as per the assessee the transactions undertaken in the Agreement to sale was duly recorded in the books of accounts and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Agreement to sale was duly recorded in the books of accounts and the said Agreement was duly executed in front of independent witnesses and the Ld. Assessing Officer himself recorded the statements on oath and documents in the form of land revenue records to show the creditworthiness of the purchaser have been produced, therefore the additions made by the Ld. Assessing Officer is not tenable and without any material on record hence needs to be deleted. 4(a) That the Ld. CIT(A) was not justified in confirming the action of Ld. A.O., in rejecting the transaction arising out of duly executed Agreement to Sale between the assessee with Surjeet Kumar on conjectures and surmises without pointing out even a single defect in the execution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hers are not properly vouched and some of them are self generated whereas as per the Assessee there is no defect in the vouchers therefore, the disallowance made by the Assessing Officer on conjectures and surmises deserves to be allowed as it directly relates to the business of the Assessee. (b) That alternatively and without prejudice to the above the assessee also disputes the quantum of disallowance made by the Assessing Officer. 3. The assessee is a civil contractor filed return of income on 28.09.2011 declaring total income of ₹ 2,58,822/-. In the bank account of HDFC maintained by the assessee, cash deposits to the tune of ₹ 58,00,000/- have been found. The amounts have been deposited in cash on 23.07.2010 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entered into an agreement on 28.10.2010 with Sh. Surjeet Singh for sale of plot measuring 322 sq. yds. and received ₹ 37,00,000/- out of the agreed sale consideration of ₹ 45,00,000/-. The deal was subsequently cancelled on 09.12.2010 and the amount has been returned. Thus, it was shown that the receipt and payments have been settled. 8. From the above, the following facts emerge, 1. The assessee received ₹ 58,00,000/- from Sh. Mohinder Singh 2. The assessee received ₹ 65,00,000/- from Sh. Brahma Nand 3. The assessee received ₹ 37,00,000/- from Sh. Surjeet Singh 4. All the above three persons cancelled their deeds owing to non-payment of ₹ 12,00,000/-, ₹ 13,00,000/- and ₹ 8,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be brought out by the revenue in contrary to the facts submitted by the assessee. Regarding the sale of agricultural products by Sh. Bhrama Nand and the receipt of monies, it was argued by the ld. Counsel that no opportunity has been given to explain the transaction of sale of food grains with the adthias. With regard to Sh. Surjeet Singh, it was argued that the details have been produced before the AO who failed to consider the same as genuine. It was argued that the enquiries conducted by the revenue have not been made known to the assessee and the assessment has been completed in haste. It was argued that the assessee is willing to produce the parties before the revenue if need be. 12. On the other hand, the ld. DR argued that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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