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Issues involved: Dispute over additions made in assessment including cash credit, gifts, and bank deposits.
Long term capital gains and cash credit: The AO added the sum of &8377; 28,76,296/- as income of the assessee u/s 68 of the Income Tax Act due to lack of evidence regarding sale of shares. Similarly, a gift of &8377; 15.50 lacs from the mother was added to the total income u/s 68 as the bank statement was not provided. Unsecured loans repayment of &8377; 15,18,931/- was treated as unexplained and added to the total income. Fresh details and evidence: The assessee submitted fresh details and evidence in appeal, but the AO reported that necessary details for long term capital gains could not be ascertained. The CIT(A) confirmed the addition of &8377; 28,76,296/-. Gift from mother and bank deposits: The gift of &8377; 15,50,000/- was explained as proceeds from property sale and savings. The CIT(A) accepted some sources but added &8377; 9,20,440/- to the income. Regarding bank deposits, only &8377; 69,01,567/- was accepted, and the rest was added to the income. Appeal before Tribunal: The assessee appealed before the Tribunal, seeking admission of additional evidence related to sale and purchase of shares. The Tribunal admitted the evidence for fresh adjudication by the CIT(A). Decision and restoration: The Tribunal restored the issues of capital gains, bank deposits, loan repayment, and unexplained deposits to the file of CIT(A) for fresh decision after considering the additional evidence filed by the assessee. Conclusion: The appeal of the assessee was allowed for statistical purposes, and the matter was restored to the CIT(A) for a fresh order based on the additional evidence provided.
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