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TMI Blog2017 (6) TMI 1373X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirm the addition of Rs.30 lakhs made by the Assessing Officer. Assessing Officer has not given credit of Rs.3,35,700/- disclosed in sale deed against the cash deposits of Rs. 30 lakhs. As long as the Department does not have a case that the sale proceeds of the assessee s wife has not been deposited in any other Bank account, I am of the view that the sum of Rs.3,35,700/- disclosed in the sale deed of the assessee s wife should be given due credit against the cash deposits of Rs.30 lakhs in assessee s ICICI Bank account. Therefore, the assessee gets the benefit of Rs.3,35,700/- and balance of Rs. 26,64,300/- (Rs.30,00,000 Rs.3,35,700 = Rs.26,64,300) is sustained as income of the assessee from the undisclosed sourceC- Appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I.T. Act. In the course of assessment proceedings, the assessee was asked to explain the source of cash deposits of Rs. 30 lakhs made in assessee s Bank account with ICICI Bank, Kollam branch on 20/01/2011. The assessee submitted that the sum represented sale proceeds of land belonging to his wife Smt. Saly Joseph. The assessee had produced a copy of the sale deed dt 20/01/2011, wherein it was narrated that Smt. Saly Joseph had transferred 76.73 ares of land to Shri Sajeev Mathai for a total consideration of Rs.3,35,700/-. The assessee submitted that even though the documented value is only Rs.3,35,700/-, the actual consideration was for Rs.31 lakhs, including advance of Rs. one lakh. It was stated that on executing the sale deed assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Further, the assessee has contradicted his claim in his statement that he had received the alleged consideration of Rs.30 lakhs in one instalment with another submission in the same statement that he had received Rs. 1 lakh as advance. In light of the above discussion, I hold that the assessee has not discharged in any way the burden cast upon him to explain satisfactorily the source of the cash credit in his bank account of Rs.30 lakhs on 20/01/2011. The above amount is included in the total income of the assessee. 5. Aggrieved by the addition of Rs.30 lakhs, the assessee preferred an appeal before the first appellate authority. Before the CIT(A), it was submitted that the assessee s wife had made the sale transaction on 20/01/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eived by the appellant s wife separately and given to him to deposit the same into his bank account cannot be accepted unless the buyer of the land Mr. Sajiv Mathai confirm such payment separately made by him. In the absence of no such confirmation ever been made by the buyer, the reason adduced by the appellant to explain the source can have no evidentiary value and hence, be out rightly rejected. Further, the date of cash deposit and the date of sale deed executed i.e. 20.01.2011 would in no way come to rescue of the appellant since no other corroborative evidence to explain source for the balance amount of Rs.26,64,300/- has ever been brought out by the appellant. In view of all the above, I find no inifirmity in the order the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h deposit made by assessee in his ICICI Bank, Kollam. Therefore, this additional evidence is not very important /relevant piece of evidence for adjudicating the issue on hand. Therefore, I reject the petition for admission of additional evidence. It is ordered accordingly. 8. Now coming to the issue on merits, I notice that cash deposits of Rs.30 lakhs was made in assessee s SB account with ICICI Bank, Kollam Branch on 20/01/2011. The assessee submitted that the cash deposits is made out of the sale proceeds of a property sold by his wife. A copy of the sale deed entered on 20.01.2011 between assessee s wife and Mr. Sajeev Mathai is placed on record at pages 13 to 23 of paper book filed by the assessee. On perusal of the same, I notice t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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