Cash deposited out of sale of agricultural land cannot be treated as unexplained

V. Nagarajan Vs ITO (ITAT Chennai) Facts- The only issue in this appeal of the Assessee is against the order of the CIT(A) confirming the action of the Assessing Officer in making an addition of Rs.2.20 crores as unexplained cash deposits in the Bank account, despite the Assessee giving evidences that the cash deposits are out of sale consideration of agricultural land of assessee’s mother. Conclusion- The assessee deposited this amount of Rs.2.20 crores in his bank account maintained with Punjab National Bank and the inference in which the normal man will draw is that the amount cannot be f...