Tribunal held that , deposit of cash in bank- was in respect of advance received for sale of land which was deposited in bank and which was returned back due to cancellation of deal. Assessee has filed the affidavit of the persons who have paid the deposit of cash . Accordingly addition cannot be made as income from undisclosed sources . ( AY. 2006 -07 , 2008-09)
Jagdish Narayan Sharma v ITO ( 2018) 65 ITR 194/ 194 TTJ 825 / ( 2019) 174 DTR 25 (Jaipur) (Trib)
S.68: Cash credit – Deposit of cash in bank- Advance received for sale of land which was deposited in bank and which was returned back due to cancellation of deal- Addition cannot be made as income from undisclosed sources .