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TMI Blog2013 (5) TMI 526X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee that the assessee has made huge investment in Flat and REC Bond. The AO asked the assessee to explain the source of such investment. In reply to the same the assessee submitted that he had received gift of land from his father. The same was disposed off by him and received fund which was utilized by him for making such investments. The assessee was asked to furnish evidences of gift received and evidences of sale receipts. In this regard the AO observed that the assessee's father Shri Radhakrishna Gupta was having a piece of Sali land at Domjar which he acquired by virtue of various indentures. Out of that land his father made a gift to the assessee about 40% undivided share vide gift deed dated 20.11.2007. Similarly a gift deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that since the assessee has disclosed the receipt the same was treated as assessee's income from other sources instead of income form capital gain and made addition of Rs.68,41,346/- to the income of the assessee. 3.2. On appeal the ld. CIT(A) observed that the father of the assessee Shri Radhakrishna Gupta has gifted 40% of the undivided share of the land by gift deed duly executed before the registrar on 20.11.2007. He also observed that the sale deed was executed on 12.12.2007 signed by the three co-owners namely the assessee Shri Rajiv Lochan Gupta, Shri Radhakrishna Gupta and Shri Sushil Kumar Gupta. He further observed that Shri Radhakrishna Gupta, the donor has signed the sale deed for his undivided 20% proportionate share in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee u/s 54 of the Act as claimed by the assessee. 4. The ld. DR for the Revenue supported the order of the AO. 5. The notice of hearing was sent through the ld. DR on 06.02.2013 for fixing the date of hearing on 01.05.2013 which was served on the assessee on 06.02.2013 itself. The ld. DR filed a service report with the Tear Off Acknowledgement Slip in original during the course of hearing before us evidencing the service of notice of hearing on the assessee. When the case was called none was present on behalf of the assessee and neither any adjournment petition was filed. The Bench was of the view that the appeal can be disposed off on the basis of materials available on record and after considering the submissions of the ld. DR a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de gift deed dated 20.11.2007 as genuine and has held the sale proceeds to be a capital receipt form the sale of the said land and also allowed the claim for deduction u/s 54 of the I.T.Act, 1961. The ld. DR could not bring any material on record to show that whether any remedial action was taken by the Department in the case of Shri Sushil Kumar Gupta or not. We find that the Hon'ble Supreme Court in the case of UOI vs Kamodini Dalal and Another (2001) 249 ITR 219 (SC) has held that it is not open to the Revenue to accept a judgement in the case of an assessee and challenge its correctness in the case of any other assessee without just cause. We also find that in the case of assessee's own brother the sale proceeds from the same land in wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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