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TMI Blog2024 (8) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... filed this appeal on following grounds: "1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in confirming the addition of Rs. 37,75,000/- made by the AO (the Ld. AO) without appreciating that the ld. AO has made addition merely on the basis of surmises and conjectures and the reasons assigned for doing so are wrong and contrary to the facts of the case and provisions of the Act. Thus, the addition of Rs. 37,75,000/- is liable to be deleted. 2. On the facts and in the circumstances of the case and in law, the ld. AO has erred in treating the amount of Rs. 37,75,000/- as unexplained investment of the assessee u/s 69 of the Act and the Ld. CIT(A) has further erred in treating the same as unexplained cash in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, share profit from partnership firm and agricultural income. For the relevant AY 2011-12, the assessee filed his return of income on 27.12.2012 declaring a total income at Rs. 1,52,250/- which was duly assessed. Subsequently, on receipt of information that the assessee alongwith his brother Mohd. Mustafa Kagdi had purchased an agricultural land situated at Ratlam and also made other investments, the AO re-opened assessment u/s 147 through notice u/s 148. In response, the assessee re- filed return repeating the same income of Rs. 1,52,250/-. Thereafter, the AO issued statutory notices u/s 143(2)/142(1) and show-caused assessee regarding sources of investments. The assessee filed replies which are noted by AO in assessment-order. Ultimately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the consideration of Rs. 75,50,000/- was paid through six cheques having Nos. 083958 to 083963 of Rs. 12.50 lakhs each, drawn on State Bank of India, Ratlam. Simultaneously, Ld. AR also took us to para no. 3 of assessment-order where the AO has himself noted the details of all those six cheques along with their respective dates of clearing from assessee's bank a/c as under: Cheque No. Name of Bank Presented on Amount (Rs.) 83958 State Bank of India 28/06/2013 12,50,000 83959 State Bank of India 27/06/2013 12,50,000 83960 State Bank of India 10/12/2013 12,50,000 83961 State Bank of India 22/04/2013 12,50,000 83962 State Bank of India 28/12/2013 12,50,000 83963 State Bank of India 07/01/2013 12,50,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Rs. 37,75,000/- (as per para 3 of the assessment order), it has been submitted by the appellant that the copy of bank statement were filed on 14.12.2018 alongwith reply but the AO did not take the same into consideration. It is the case of the appellant that the (6) cheques were presented with the SBI a/c no. 30176710518 for payments (of Rs. 75,50,000/- for the appellant and his brother) on the dates mentioned in the reply dated 14.12.2018. However, I do not find the explanation of the appellant that payment of Rs. 75,00,000/- was made through post dated cheques (as the sale deed was registered on 04.02.2011) convincing because no prudent person will sell and also execute the sale deed for registration based on post dated cheques on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C), Omar Salay Mohd. Sait vs. CIT (1959) 37 ITR 151 (SC) and Umacharan Shaw & Bros. Vs. CIT (1959) 37 ITR 271 (SC). 8. Per contra, Ld. DR for Revenue submitted that the assessee has purchased the impugned land through a Registered-Deed and not by sale- agreement on 04.02.2011 and still it is being claimed that the payments were made through post-dated cheques cleared after unreasonable gap of about two years. Ld. DR submitted that this situation itself is beyond the human probability. He submitted that it is beyond conceivable thinking that any person who would sell land without taking a single penny and be ready to receive consideration after two years. Ld. DR submitted that the approximate interest of two years itself comes as high as Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... categorical fact that the persons of Dowdy Bohra Community do not charge any interest as per their religious customs and they rigorously follow such custom. Therefore, the very claim of Department that no interest had been charged for two years is un-founded in the present case. 10. We have considered rival submissions of both sides, perused the orders of lower-authorities and the documents filed in the Paper-Book to which our attention has been drawn. On a careful consideration of the contemporary documents, we firstly find that the Page No. 5 of the sale-deed clearly mentions that the consideration of Rs. 75,50,000/- was paid through six cheques serially numbered from 083958 to 083963. The sale-deed is executed and registered by stamps ..... X X X X Extracts X X X X X X X X Extracts X X X X
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