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TMI Blog2024 (4) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has received sale consideration of Rs. 30 lakhs as per the agreement of sale and filed the confirmation letter saying that the purchaser has paid the sale consideration to the assessee. Therefore, assessee has properly explained the source of cash deposit to this extent. For loan receipts assessee has availed a loan on 26/9/2016 and withdrawn the same on 29/9/2016. But, the assessee has deposited the said amount on 13/11/2016. The assessee has not properly explained as to why the loan was availed by the assessee and for what purpose he has withdrawn the amount on 29/11/2016 and deposited the same after one and half months. Therefore, the contention of the assessee is not tenable. Assessee has not properly explained the source for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the demonetization period and the claim of exemption of agricultural income. Subsequently, a notice U/s. 143(2) was issued on 15/08/2018 and duly served on the assessee. Thereafter, notice U/s. 142(1) of the Act was issued on 17/7/2019 and called for certain information. In response, the assessee furnished the information as called for. During the course of assessment proceedings, the assessee was asked to explain the sources for cash deposits of Rs. 25,40,000/- made in ICICI Bank account of the assessee. In reply, the assessee submitted that he is engaged in purchase and sale of small sites (real estate) situated in Anakapalli area. Further, the assessee submitted that the alleged cash deposit was made out of the cash balance of Rs. 27,39, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [AR] submitted that the cash deposited by the assessee in his ICICI bank account is nothing but sale consideration of sites / land. The Ld. AR also submitted that the assessee has filed an agreement of sale before the Ld.AO as well as the Ld. CIT(A)-NFAC but the Ld. Revenue Authorities have not considered the same. The Ld. AR also submitted that the purchaser has also given the confirmation letter stating that he has entered into an agreement of sale with the assessee and paid an amount of Rs. 30 lakhs as an advance. Further, the Ld. AR submitted that the said advance amount was also recorded in the books of account of the assessee. But, without considering the said facts, the Ld. Revenue Authorities have arbitrarily made an addition of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as paid the sale consideration of Rs. 30 lakhs to the assessee. But the contention of the Revenue is that the purchase agreement was not signed by the purchaser. On this aspect, on perusal of the Agreement of Sale, it is clear that the stamp paper is also in the name of the purchaser. Apart from the above, the assessee is engaged in the real estate business. Considering the above facts and circumstances of the case, it is apparent that the assessee has received sale consideration of Rs. 30 lakhs as per the agreement of sale and filed the confirmation letter saying that the purchaser has paid the sale consideration to the assessee. Therefore, I am of the view that the assessee has properly explained the source of cash deposit of Rs. 21,50,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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