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TMI Blog2012 (8) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... favour of assessee for statistical purposes. Addition made under Section 68 - Held that:- Considering the assessee submission that if he is afforded opportunity he will furnish confirmation from Sh. Rahul V shah and Shri Naresh V. Shah who gave interest free loan to the assessee and place genuineness and credit worthiness - this issue is remitted back to the file of AO for fresh decision of the transaction - in favour of assessee for statistical purposes. Addition of income in respect of on-money on sale of agricultural land - Held that:- Finding force into the contention of assessee that if it is proved that land was agriculture land, therefore, would not be subject to capital gain tax liability. Therefore, after considering totality ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bhikhubhai Chambers Property Account which error were rectified by reversing the said entries in the books of the Appellant on 01/04/2010, holding that the same was an attempt to introduce on-money of Rs. 1,41,00,000/- in the Capital Account. 2.The Learned Commissioner of Income Tax (Appeals)- XV, Ahmedabad has erred in law and on facts of the case by confirming addition u/s 68 of the Income Tax Act, 1961, in respect of loan from Shri Rahul N. Shah of Rs. 51,00,000/- made by the Assessing Officer. 3.The Learned Commissioner of Income Tax (Appeals)- XV, Ahmedabad has erred in law and on facts of the case by confirming addition of Rs. 3,60,00,000/- made by the Assessing Officer in respect of on-money on sale of agricultural land at V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income Tax (Appeals) who after considering the submissions of the assessee partly allowed the appeal. 4. Ground No. 1 and 3 are interconnected, same are taken together and are being disposed of together Ld. Authorized Representative for the assessee submitted that the authorities below failed to appreciate the fact that the land as sold was jointly owned and sold by the assessee with his wife Smt. Kamlaben Shah. Therefore, the AO erred in adding entire sale consideration in the income of the appellant assessee. He submitted that the AO made additions on the basis of conjectures and surmises without making proper enquiry. He submitted that the sale deed was executed as per the prevailing rates, there was no material before the AO to ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at no revised balance sheet was produced before Assessing Officer and also the balance sheet of earlier years. In view of the fact that the contention of the assessee is that he was not given opportunity to explain the revised balance sheet. Considering all aspects of the matter in the interest of justice this matter is remitted back to the file of AO to adjudicate afresh after giving sufficient opportunity to the assessee. The assessee shall produce all the information and evidence as called for by the AO to substantiate his claim. 6. Ground No. 2 is against the confirmation of addition made under Section 68 of the Income Tax Act. The Ld. Authorized Representative has submitted that entire transaction was effected through banking channel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 33 DTR 281. On the other hand, Ld. DR supported the orders of the authorities below. We have heard the rival submissions and perused the material available on record. We find force into the contention of Ld. A.R. if it is proved that land was agriculture land, therefore, would not be subject to capital gain tax liability. Therefore, after considering totality of facts, this issue is also remitted back to the file of AO fresh decision. The AO is directed to verify the claim of the assessee that the land sold by him was agriculture land as defined under the Act. 9. Next ground is against confirmation of addition of entire alleged on money involved in the sale of land at village Godhavi as the income of the Assessee. Ld. A.R. submitted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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