The Assessing Officer treated cash deposits in the assessee’s bank account as unexplained under section 69. The assessee explained that part of the deposits represented advance received under an unregistered agreement for sale of agricultural land and the balance represented agricultural income from land jointly cultivated by the assessee and his father. The Tribunal held that registration of an agreement to sell agricultural land is not mandatory and the affidavits of the attesting witnesses, having remained uncontroverted, had to be accepted. The agricultural income was duly supported by Form J, jamabandi and lease documents and had not been doubted by the Revenue. Accordingly, the explanation regarding the source of the cash deposits was accepted, and the addition was deleted. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69: Unexplained investments-Unexplained money -Cash deposits -Advance received under unregistered agreement to sell-Addition was deleted-Agricultural income accepted as explained sources-Addition was deleted. [Indian Registration Act, 1908, S. 17] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-62535","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ggD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=62535"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62535\/revisions"}],"predecessor-version":[{"id":62536,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62535\/revisions\/62536"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=62535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=62535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=62535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}