2013 (7) TMI 1177 - AT - Income Tax

Summary

Issues involved:
The judgment addresses multiple issues including sustaining assessment of income from 'Other Sources', addition of unexplained cash credits u/s 68, assessment of income from 'house property', addition of unexplained cash deposit u/s 69, failure to give credit for certain payments, and levy of interest u/s 234A, 234B, and 234C of the Act.

Assessment of Income from 'Other Sources' and Unexplained Cash Credits:
The assessee declared an income of Rs. 8 lakhs as investment in construction of house property. The AO found rental receipts higher than declared income, leading to an assessed income of Rs. 79,450. Additionally, a bank account in joint names showed credits of Rs. 4,22,000, with withdrawals claimed for construction. The AO added Rs. 71,169 from unaccounted bank account to income. The CIT (A) upheld these actions due to lack of evidence supporting the claims, dismissing the appeal.

Assessment of Income from 'House Property':
The AO calculated income from house property at Rs. 79,450, not allowing deduction under s. 24 due to lack of certificate. The CIT (A) confirmed this. During the appeal, the assessee sought to submit additional evidence regarding interest paid for construction loans. The Tribunal admitted the evidence and remitted the issue back to the AO for fresh consideration.

Conclusion:
The Tribunal partly allowed the assessee's appeal, remitting the issue of income from house property back to the AO for reevaluation based on the additional evidence.