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| The Tax Publishers2020 TaxPub(DT) 1317 (Chd-Trib) INCOME TAX ACT, 1961
Section 69
Where assessee claimed cash deposits of Rs. 74,95,000 in bank accounts to be amount received as advance/earnest money for sale of his land, considering fact that cancellation deed did not bear signatures of any of purchasers, and despite fact that alleged purchasers belonged to same city, assessee failed to furnish any confirmation from the buyers about the alleged transactions, addition made under section 69 was justified.
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Income from undisclosed sources - Addition under section 69 - Cash deposits in bank accounts claimed to be received as advance/earnest money for sale of land -
AO made addition under section 69 of cash deposits of Rs. 74,95,000 in assessee's bank accounts, which were explained to be amount received as advance/earnest money for sale of his land which was deposited in the bank. Held: Documents appeared to be prepared by assessee for self-serving purposes. Since cancellation deed did not bear signatures of any of the purchasers, thus, no reliance could be placed on it. Further, despite fact that alleged purchasers belonged to same city, assessee failed to furnish any confirmation from the buyers about the alleged transactions of sale of land and cancellation deed etc. Under the circumstances, assessee miserably failed to prove his case.
REFERRED : Kale Khan Mohammad Hanif v. CIT (1963) 50 ITR 1 (SC) : 1963 TaxPub(DT) 0420 (SC), Roshan Di Hatti v. CIT (1977) 107 ITR 938 (SC) : 1977 TaxPub(DT) 0842 (SC)
FAVOUR : Against the assessee
A.Y. :
IN THE ITAT, CHANDIGARH BENCH
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