9911796707
TMI Blog2021 (4) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (here-in-after referred to as "the Act") dated 16/10/2015. The assessee has filed Cross Objection in the Revenue's appeals bearing ITA no.2492/AHD/2018 for the Assessment Year 2008-2009. 2. The Revenue has raised the following grounds of appeal: 1. The Ld.CIT(A) has erred in law and on facts in deleting the addition of unexplained cash deposits u/s.68 of IT Act. 2. The appellant craves leave to amend alter any ground or add a new ground, which may be necessary. 3. The only issue raised by the Revenue is that the learned CIT (A) erred in deleting the addition made by the AO on account of unexplained cash credit under section 68 of the Act. 4. The facts in brief as arising from the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment to landlord without having final dealing and subsequently receiving back cash for non fulfilment of deal. The assessee was not able to produce any agreement or detail of land or farmer from whom the land was to be purchased. Further if such deals happen still there was no need to give fund to acquirer or aggregator instead of directly paying to farmers itself. Further if he actually worked as land aggregator then he should have given cash to farmers directly instead of depositing in his own bank and subsequently transferring the same to the bank account of Shri Ashish Patel, director of Radhe Developers. 4.2 In view of the above the AO was of the opinion that the cash deposited in the bank account is representing the unaccounted money ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even Assessment Order has been passed in its case on 23rdSeptember, 2011 for year under consideration as well as subsequent orders passed clearly prove that identity of depositor is established.! These transactions are reflected in the books of account of Radhe Consultancy as well as in its return of ' income and cash book of such concern clearly prove that it has explained sources for giving fuir:-s to Appellant. Further, these transactions accepted in Assessment Proceedings cf such concern also prove that Appellant has explained the sources of funds received from Radhe Consultancy. It js also an undisputed fact that even Mr. Ashish Patel in his statement recorded under Section 131(1 A) read with Section 131 on 26th September, 2014 ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rved that Appellant has received similar funds *rom Radhe Consultancy in AY 2009-10 and 2010-11 and assessment order in case of Radhe Consultancy was passed under Section 143(3) in both the Assessment:Years wherein also above transactions were accepted. The Appellant has also made'substantial repayment of such funds in Assessment Years 2010-11 and 2011-12 to above concern. These facts along with evidences as discussed herein above prove that Appellant has explained the sources of cash deposits in bank account hence addition made by AO to the extent of funds received from Radhe Consultancy cannot be held as unexplained cash deposits. 5.9 So far as claim of Appellant that certain cash 'deposits are out of cash withdrawn from the ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mary onus cast under section 68 of the Act. 11. Both learned DR and AR vehemently supported the action of authorities below to the extent favorable to them. 12. We have heard the rival contentions of both the parties and perused the materials available on record. In the case on hand, cash for Rs. 4,32,40,410/- was deposited in the assessee's bank account which was treated as unexplained cash credit under section 68 of the Act by the AO. However, the learned CIT (A) was pleased to delete the addition made by the AO by observing that the assessee has complied with the conditions as specified under section 68 of the Act. 12.1 From the preceding discussion, we find that the appellant along with Shri Kanjibhai Desai was working as land aggreg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls/confirmation of M/s Radhe consultancy. 12.3 Similarly, for the creditworthiness and genuineness of the transactions, the assessee filed cash book, bank book, bank statement and balance sheet and assessment orders of M/s Radhe Consultancy and group which is showing the amount given to assessee. 12.4 In view of the above and after considering the facts in totality, we do not find any infirmity in the order of the learned CIT (A). Hence, we uphold the same. Thus the ground of appeal of the revenue is dismissed. 13. In the result the appeal filed by the Revenue is dismissed. Coming to the CO of the assessee in 142/Ahd/2019. 14. The assessee has raised following grounds cross objection: 1. On the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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