TEJ PAL YADAV,NEW DELHI vs. ITO, NOIDA

per agreement of sale and their statement were recorded by the AO in which they have admitted that they have purchased the agriculture land from Sh. Shadi, the father of the assessee and also admitted that they have made the cash/cheque to the father of the assesee. It is an admitted fact that assessee has submitted all documentary evidence in respect of agreement to sale of land, sale deed of property, sale in accordance with agreement and copy of khasra and khatoni in support of agriculture land, details of cash received and copy of relevant bank account which establishes that these are sufficient evidence for source of deposit of Rs. 25,07,770/- in Andhra Bank. Keeping in view of the above, assessee has well explained the deposit of cash with Andhra Bank Rs. 2507700/- out of sale proceed of agriculture land, hence, the addition made and sustained by the Ld. CIT(A) are not justified in the eyes of law. Therefore, the addition in dispute is deleted.

Order pronounced in the Open Court on 26/12/2016.