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Shri Pappu Ram Saran, Kishangarh vs Income Tax Officer, Ward-2, Kishangarh on 3 September, 2020
cites
Section 147 in The Income Tax Act, 1961 [Entire Act]
M/S Om Plantation, Jaipur vs Income Tax Officer, Jaipur on 9 October, 2018
Though the sale deed shows
the sale consideration of Rs. 6,45,000/- which is also the Stamp Duty
Valuation however, once the assessee has brought on record the
relevant facts as well as nexus between transaction of sale and deposit
in bank account then only inference can be drawn from these facts and
circumstances of the case is that the source of deposit of Rs.
27,50,000/- is the sale consideration of the land. The Assessing Officer
has not brought anything contrary on the record during the remand
proceedings such as examination of the purchaser. Therefore, in the
absence of any contrary material the explanation of the assessee
regarding source of cash deposit in the bank account cannot be
disputed. This Tribunal in case of M/s OM Plantation vs. ITO (supra) has
considered an identical issue in para 6 as under:-
Section 144 in The Income Tax Act, 1961 [Entire Act]
Section 69 in The Income Tax Act, 1961 [Entire Act]
Section 151 in The Income Tax Act, 1961 [Entire Act]
Section 234B in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
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