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TMI Blog2024 (8) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... 024 fairly indicate the possibility of deposit of cash received by the assessee from Madhur Infra Developers P. Ltd. Thus, deposit of cash in the bank account stands explained by the assessee. A specific query was made to assessee as to whether the documents on which reliance has been placed before the Tribunal were furnished to the AO and CIT(A), he made statement at Bar that all these documents were furnished to the authorities below and a certificate to this effect has also been given by him after the Index of paper book. In light of the facts of case and the documents on record ground no. 1 2 of the appeal are allowed. Long Term capital Gain (LTCG) - contention of the assessee is that the assessee has offered long term capital gain to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Commissioner of Income Tax (Appeals), Meerut [in short the CIT(A) ] dated 28.02.2014, for assessment year 2015-16. 2. The assessee in appeal has assailed the order of CIT(A) on following counts: i. Confirming addition of Rs. 20 lakhs in respect of cash deposits in the bank; and ii. Confirming addition of Rs. 45,79,404/- on account of alleged Long Term capital Gain (LTCG). 3. Shri Rohit Tiwari appearing on behalf of the assessee narrating facts of the case submitted that the assessee is an ex-servicemen. The assessee sold his agricultural land at village Mukarrabpur Palhera, Pargana Daurala Meerut for a total consideration of Rs. 55,33,320/- to M/s Ruchiram Buildtech Pvt. Ltd. in the year 2012. The assessee received Rs. 20 lakhs vide t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. Ltd. The assessee had made advance payment of Rs. 20 lakhs on 02.06.2012 for purchase of said plot. The receipt of such payment issued by Madhur Infra Developers Pvt. Ltd., dated 02.06.2012 is at page 45 of the paper book. Since for the purchase of plot the funds were to be sourced from sale consideration to be received from sale of land, the latter transaction did not mature as the first transaction of sale of land was wedged due to non-payment of balance consideration by the purchaser. The assessee received back Rs. 20 lakhs in cash from Madhur Infra Developers P. Ltd., on 27.09.2014. The said cash amount was deposited by the assessee in his bank account on 01.10.2014. The cash deposit by the assessee in the bank has been wrongly added ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur Palhera, Pargana Daurala Meerut is concerned it is not in dispute. The Revenue has also accepted the fact that the total sale consideration fixed for sale of aforesaid land was Rs. 55,33,320/- out of which the assessee has received Rs. 20,33,320/- only and the balance amount of Rs. 35 lakhs was not actually received by the assessee at the time of execution of registered sale deed dated 01.10.2014 as the cheques dated 01.02.2015 for remaining amount of consideration Rs. 35 lakhs were dishonored. The assessee had to file criminal complaint u/s. 138 of the Negotiable Instruments Act for the recovery of said amount. 7. The first addition made by AO is in respect of cash deposits in the bank Rs. 20 lakhs. The assessee has placed on record his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued receipt against cash received from Madhur Infra Developers Pvt. Ltd. (at page 44 of the paper book). The cash deposits of Rs. 20 lakhs on 01.10.2014 in the bank account is the amount received by assessee from Madhur Infra Developers P. Ltd. The proximity of receipt of cash by the assessee from Madhur Infra Developers P. Ltd. and cash deposits of Rs. 20 lakhs reflected in the bank account on 01.10.2024 fairly indicate the possibility of deposit of cash received by the assessee from Madhur Infra Developers P. Ltd. Thus, deposit of cash in the bank account stands explained by the assessee. A specific query was made to the Counsel for the assessee as to whether the documents on which reliance has been placed before the Tribunal were furn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantiate his submissions he has placed on record a copy of acknowledgment of return of income along with computation of income for AY 2019-20. 10.1. The Assessing Officer has computed long term capital gains in the impugned assessment year on the presumption that the entire consideration of Rs. 55,33,320/- has been received by the assessee , as the Sale Deed was executed registered in the relevant period and accordingly worked long term capital gain on sale of land at Rs. 45,79,404/-. In First Appellate proceedings, the CIT(A) noted the fact that Rs. 35 lakhs was not received by the assessee, the CIT(A) directed the AO to recalculate capital gain on the sales consideration to the extent actually received i.e. Rs. 20,33,320/- only. After ..... X X X X Extracts X X X X X X X X Extracts X X X X
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