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TMI Blog2024 (8) TMI 872X X X X Extracts X X X X X X X X Extracts X X X X ..... s not filing books of account in the common parlance that of the Company s books of account. Thus, the contention of the assessee that Section 68 of the Act cannot be invoked does not sustain. As regards to the component of cash deposits assessee before the CIT(A) has categorically mentioned that the sale receipt of property sold was received in cheques and he has explained these receipts correctly for which the CIT(A) has accepted the assessee s contention. The component of cash deposit cannot be corelated with the sale receipts of the property as the cash component is related to the assessee s savings account for which the assessee has given explanation are out of cash deposits made by the assessee out of his known source of income and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elected for limited scrutiny in respect of the following reasons:- 1. Whether value of consideration for computation of capital gains has been correctly shown in the return of income. 2. Whether cash deposits have been made from disclosed sources. 3. Whether capital gain/loss on sale of property has been correctly shown in the return of income. 3.1 Accordingly, notice under Section 143(2) of the Act was issued on 18.09.2017 which was served upon the assessee. Notice under Section 142(1) of the Act was issued alongwith questionnaire on 26.07.2018, 10.10.2018 and 14.11.2018. As per the information mentioned in the individual transaction statement, the assessee has purchased immovable property dated 28.09.2015 amounting to Rs. 49,50,000/-, sol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Gandhi (1983) 141 ITR 0067 2. CIT vs. Ms. Mayawati (2011) 338 ITR 563 (Del) 3. Smt. Madhu Raitani vs. ACIT (2011) 45 SOT 231 (Gauhati) 4. Mehul V. Vyas vs. ITO (2017) 80 taxmann.com 311 (Mumbai -Tribunal) 5. Babbal Bhatia vs. ITO (ITA No.5430 5432/Del/2011) 6. Narendra Chandubhai vs. ITO (ITA No.103/Ahd/2019) 5.2 The Ld. AR further submitted that Section 68 of the Act comes into picture where any sum is found credited in the books of the assessee maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not in the opinion of the Assessing Officer satisfactory, the sum so credited may be charged to income tax as the income of the assessee of that previou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ategorically mentioned that the sale receipt of property sold was received in cheques and he has explained these receipts correctly for which the CIT(A) has accepted the assessee s contention. The component of cash deposit cannot be corelated with the sale receipts of the property as the cash component is related to the assessee s savings account for which the assessee has given explanation are out of cash deposits made by the assessee out of his known source of income and the same was duly submitted as the assessee is having source of income from house property, income from other sources and income from agricultural activity. Since the said aspects should have been taken into consideration and should have been verified by the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X
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