Huge cash in hands of vendors and corresponding withdrawals by purchasing of land by assessee to be verified for making addition in hands of assessee

IT : Huge cash in hands of vendors and corresponding withdrawals by purchasing of land by assessee to be verified for making addition in hands of assessee
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[2014] 50 taxmann.com 56 (Allahabad)
HIGH COURT OF ALLAHABAD
Commissioner of Income-tax
v.
Sanjeev Kumar Agarwal*
TARUN AGARWALA AND DR. SATISH CHANDRA, JJ.
IT APPEAL NOS. 113 OF 2011 & 53 OF 2012
& 41 OF 2013
IT APPEAL DEFECTIVE NO. 24 OF 2013†
AUGUST  25, 2014
Section 69A of the Income-tax Act, 1961 - Unexplained moneys (On money) - Assessment year 2005-06 - Whether it is a common practice that property is registered on circle rate and remaining money is paid as on money but in absence of any evidence same cannot be applied - Held, yes - Assessee purchased property from venders
- During search huge amount was found from bank lockers of 'J' and 'V' - They made statement that same was received from assessees as "on money" in respect of purchase of land by assessee from them - Assessing Officer made addition in hands of assessees however, Tribunal deleted same - It was found that vendors 'J' and 'V' were not having sufficient source of income to accumualte such huge amount - Further withdrawals of money by assessees were also not examined in a proper manner - Whether matter was to be readjudicated - Held, yes [Paras 16 and 17] [In favour of assessee/Matter remanded]