9911796707
TMI Blog2012 (7) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... e wash etc. may be examined in the light other than the theft of car also as the Paper Book relied upon before the CIT(A) has not been placed as before - the reasoning given by the CIT(A) namely that the documents were lost in theft in the face of the departmental objection that the theft took place subsequently may not be relevant reasoning as such we restore the issue back to the file of CIT(A) with the direction to pass a speaking order in accordance with law after due verification - in favour of revenue for statistical purposes. - ITA No: 2950/Del/2011 - - - Dated:- 31-5-2012 - SMT. DIVA SINGH, SHRI A.N. PAHUJA, JJ. Appellant by : Shri SK Upadhyay, D.R. Respondent by : Shri Sanjay Gupta, C.A. O R D E R PER DIV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equired the assessee to explain why immovable property valued at Rs.60 lakhs by the assessee was not disclosed by him in his return. In reply thereto vide letter dt. 11.9.2009 it was stated on behalf of the assessee that the information of the sale of the property had been given to the employer who by mistake could not include it for the information in the ITR and capital gain on the sale of the said property was included by the assessee in his return. The expenses claimed by the assessee were not allowed as the AO perusing the bank details observed that the assessee could not give the list of expenses incurred by him on the property. The AO further observed that perusal of the bank details also showed that the assessee had deposited an amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has taken the loan from Bank of India under home loan account 600065200010096 and has been paying interest on the sum on regular basis. Benefit of home loan it was stated has not been given to the assessee despite documentary evidence. Apart from that various cash deposits were made in the bank account of assessee which had been wrongly included in his income. The nature of the expenses incurred for property improvement are reproduced at page 3 of CIT(A) order. The same are reproduced for ready reference: Sl.No. Particulars Amount in Rs. 1. Non Judicial Stamp Paper 2,32,000/- 2. Loan interest for FY 2004-05 63,736/- 3. Loan interest for FY 2005-06 1,71, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee and was cash at home which had been withdrawn from bank and deposited back. It was reiterated that in the case of a working pilot for the last 12 years who has been serving the Nation, who has paid tax to the tune of Rs.16,19,949/- and a further tax of Rs.5,50,000/- and redeposited the amount withdrawn by ATM from his own account cannot be treated as income. It was submitted that his father had also served the nation as a Pilot in Indian Air Force for 30 years and in the light of these facts the assessment so made is unjust, unfair and hurtful to a sincere man and goes against the principle of natural justice. 3.3 Considering the plea of the assessee and taking into consideration the fact that the assessee had lost his papers in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain as on 31.3.2007 Income from Salary Income from salary Less: Allowance to the extent exempt u/s10 1-UA: 18,000.00 2-STA: 70,500.00 5,077,213.00 88,500.00 4,988,713.00 Income from Capital Gain: Sale Consideration Less: Cost of acqn/purchase Cost of improvement/ Construction 2,900,000.00 1,403,303.00 Add: Commission to be disallowed 6,000,000.00 4,303,303.00 1,696,697.00 60,000.00 Gross Total Income Less: Rebate under Ch.VIA 6,745,410.00 9,360.00 Total Income 6,736,050.00 The A.O. is directed to recomputed the tax and charge interest accordingly. 6. Aggrieved by this the Revenue is in appeal before the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable. The amounts withdrawn from ATM were available funds and since not required were deposited back amounting to Rs.2,36,000/-. Looking at the manner in which the AO has proceeded, it was his argument that justice has not been done. Accordingly it was his stand that the impugned order deserves to be upheld. Confronted with the fact that no reasons have been given by the CIT(A) for deleting the amount of Rs.2,36,000/- in the impugned order, Ld.A.R. had no objection if the issue is restored to the CIT(A) as explanation has been offered by assessee before the A.O. and the CIT(A) and if while deleting the reasoning has not been given, then the issue may be restored. 9. We have heard the rival submissions and perused the material available o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
