9911796707
TMI Blog2018 (7) TMI 2207X X X X Extracts X X X X X X X X Extracts X X X X ..... the information available on record, to disbelieve the submission of the assessee. If the AO disbelieves the land advances, conclusion would be the availability of cash with the assessee unless it is established that the funds were used for some other purpose. Since the assessee had sufficient cash balance available from the withdrawals made from the Bank, there is no reason to suspect the source of deposits made in the bank account In case, the department is of the view that advances given was false the same sum of ₹ 95.00 lacs would be available as cash balance and the assessee required to be assessed for wealth tax, but there is no case for disbelieving the source. The fact remains that the assessee has withdrawn the sum of & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er : Sl. No. Month Description of Transaction Amount 1. April, 2010 Land Advances Received Back ₹ 25,00,000/- 2. May, 2010 Land Advances Received Back ₹ 10,00,000/- 3. June, 2010 Land Advances Received Back ₹ 5,00,000/- 4. August, 2010 Land Advances Received Back ₹ 20,00,000/- 5. August, 2010 Land Advances Received Back ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on 31.03.2010 was only ₹ 4,92,787/-, the Ld.CIT(A) disbelieved the submission of the assessee regarding the receipt of land advances and held that that there is no basis for the assessee s claim that the impugned amount was received back and accordingly confirmed the addition. 6. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before this Tribunal. During the appeal hearing, the Ld.AR argued that the assessee has withdrawn sums of ₹ 95,00,000/- from 10.01.2010 to 31.03.2010 and the said amounts were given as advances for purchase of lands to various landlords. Since the transaction could not be finalized, the amounts were received back and re-deposited in the bank account. The assessee filed extract of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of land advances given for purchase of land date wise. As per the information available from page No.3 and 4 of the paper book, the assessee has made advances for purchase of land as under : Land Advances Given During F.Y.2009-10 10.01.2010 - ₹ 35,00,000 29.03.2010 - ₹ 50,00,000 31.03.2010 - ₹ 10,00,000 __________ ₹ 95,00,000 Similarly, the assessee stated to have received the said land advances from the landlords and deposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Since the assessee had sufficient cash balance available from the withdrawals made from the Bank, there is no reason to suspect the source of deposits made in the bank account. Further, the Ld.CIT(A) in his order stated that the cash balance of ₹ 4,92,787/- was declared as on 31.03.2010 has no relevance to the deposits made upto 31.10.2010. In case, the department is of the view that advances given was false the same sum of ₹ 95.00 lacs would be available as cash balance and the assessee required to be assessed for wealth tax, but there is no case for disbelieving the source. The fact remains that the assessee has withdrawn the sum of ₹ 95,00,000/- and the said amount would be available to the assessee either in cash or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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