9911796707
TMI Blog2014 (2) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... ement shows the amount of this cheques was ₹ 631/- only – order set aside and the matter remitted back to the AO for re-adjudication – Decided partly in favour of Assessee. Addition made u/s 68 of the Act – Unexplained cash credits – Held that:- The amount of ₹ 1,20,000/- was transferred from account of Mrs. Veena Khokha and from her bank account and the amount of ₹ 1,20,000/- was transferred on 04.11.2008 and similarly on 21.03.2009, there was a transfer of ₹ 1,00,000/- through cheques - the assessee submitted that no proper opportunity was given to explain this issue - Considering the bank accounts, the matter requires reconsideration at the level of the AO –the order set aside and the matter remitted back to the AO for re-adjudication – Decided in favour of Assessee. Addition made out of total addition – Held that:- The addition has been correctly made in the matter – assessee pointed out that to show the account of Ankit Khokha from where another deposit of ₹ 1,50,000/- was made on 02.02.2009 - the assessee has not been able to contradict the finding of the ld. CIT(A) that the entry of ₹ 1,50,000/- was not appearing and source of cash d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned was calculated at ₹ 1,01,751/-. It was submitted before the ld. CIT(A) that the deposits with the bank were both standing as business as well as personal account. The interest of ₹ 44,763/- was taken in the profit and loss account in business and ₹ 49,183/- was taken in the income from other sources and included in ₹ 59,183/-.Thus, bank interest of ₹ 1,01,751/- was accounted for in the income of the assessee. It was, however, held that since the entire income of ₹ 1,01,751/- was interest on FDRs and no plausible reason has been adduced to break the interest into two parts, showing one part as business income and another part as income from other sources. Therefore, the addition was made. The AO on examination of the issue found the interest was received on six FDRs, details of which are at page 3 of the assessment order and only ₹ 35,739/- was disclosed by the assessee in the return of income and balance amount of ₹ 66,012/- was not disclosed in the return. Therefore, the addition made by the AO was confirmed. 4. On consideration of the submissions, we are of the view, the matter requires reconsideration at the level of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the joint account. Sale proceeds of house property at Gwalior was credited in SBI account and then in HDFC bank and also the receipts from his son as the payment for purchase of flat in Mumbai had to be sent through HDFC bank. The debits of both the accounts were used to give credit of ₹ 1,26,000/- in capital account. The source was, therefore, explained through PPF account and sale of property. The ld. CIT(A) confirmed the addition because there is neither any cash withdrawal of ₹ 1,26,000/- from any bank account nor there is any cheques transfer and the assessee failed to substantiate the issue and therefore, the addition was confirmed. 7. On consideration of the rival submissions, we are of the view, this issue also requires reconsideration partly at the level of the AO. Copy of account of assessee is filed at page 5 of the paper book in which on 15.03.2009 and 21.03.2009, there are credit to the capital account of assessee in a sum of ₹ 26,000/- and ₹ 1,00,000/- respectively. The ld. counsel for the assessee referred to PB 9(7) to show that from the joint account, cheques No. 205279 was credited to the personal account of assessee of ₹ 26,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e remained unexplained and the ld. CIT(A) confirmed addition and dismissed the appeal of the assessee. 9. We have perused the material on record. The ld. counsel for the assessee referred to PB 12, which is bank account with Bank of India, in which by clearing of cheques No. 400358 ₹ 1,20,000/- was credited and similarly on 21.03.2009 there is clearing by cheques No. 400360 of ₹ 1,00,000/-. The amount of ₹ 1,20,000/- was transferred from account of Mrs. Veena Khokha and from her bank account (PB-14(2), it was shown that the amount of ₹ 1,20,000/- was transferred on 04.11.2008 and similarly on 21.03.2009, there was a transfer of ₹ 1,00,000/- through cheques. The ld. counsel for the assessee submitted that no proper opportunity was given to explain this issue. Considering these bank accounts, we are of the view that the matter requires reconsideration at the level of the AO. We accordingly set aside the orders of the authorities below and restore this issue to the file of AO with direction to re-decide this issue in the light of copies of bank account produced. He shall give sufficient reasonable opportunity of being heard to the assessee. This ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchase deed dated 20.11.2008 for ₹ 54,00,000/-, but the stamp duty value of ₹ 69.50 lacs was adopted by the AO, which is not appealed against by the assessee. Another residential house was purchased by the assessee jointly with his son in which the assessee invested an amount of ₹ 35,17,520/-, the credit of which has already been given by the AO although purchase deed of this property was not filed before the ld. CIT(A). The ld. CIT(A), therefore, noted that only point of dispute before him is cost of acquisition of house sold. The assessee did not have copy of purchase deed of the land, hence, the dispute over the land cost taken by the AO at ₹ 48,000/- and that shown by the assessee at ₹ 62,000/- cannot be decided in favour of the assessee. Besides, the assessee failed to adduce any proof regarding the construction cost of such house before the AO as well as the ld. CIT(A). In the absence of any evidence on record, the estimate of AO of total cost at ₹ 4,48,000/- was found justified. As a result, the long term capital gain of ₹ 17,33,960/- worked out by the AO was confirmed. 13. On consideration of the rival submissions, we do not fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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