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TMI Blog2014 (12) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... the HUF by way of Will. It was also canvassed that this assessment has been completed in a very short period between 13.12.2010 to 29.12.2010 - Therefore, assessee could not get the benefit of effective and proper hearing - the Income-tax Inspector as well as AO has carried out inspection at the site, but the findings of visit have not been confronted with the assessee which clearly shows that there was inadequate opportunity provided to the assessee - the findings of the AO as well as the Income-tax Inspector were not confronted with the assessee - Since this is a factual aspect and without bringing all relevant facts on record, it is difficult to arrive at a justified reasoning with regard to the claim of exemption u/s 54F of the Income-tax Act, 1961 – thus, the matter is to be remitted back to the AO for fresh adjudication – Decided in favour of assessee. Unexplained advances deleted – Held that:- CIT(A) rightly was of the view that assessee had sufficiently discharge onus of proving the identity and creditworthiness of late Sh. Jaipal Sharma - Sh. Jaipal Sharma was having sufficient land holding and therefore, creditworthiness was also explained - identity and genuinenes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d unjustified and, therefore, exemption under section 54F ought to be allowed to the assessee. 3. That disallowance of exemption under section 54F on the ground that new house situate at Simrauli, Hapur is not residential house, is illegal and unjustified and, therefore, exemption under section 54F ought to be allowed to the assessee. 4. That alternatively, even otherwise disallowance of exemption under section 54F is illegal and unjustified because assessee had purchased new residential house (as admitted by the Assessing Officer himself) at Indirapuram, Ghaziabad and, therefore, even otherwise exemption under section 54F ought to be allowed to the assessee. 5. That the appellant craves leave to add, amend, alter, delete, or modify any ground of appeal at the time of hearing. The grounds of appeal taken by the revenue read as under:- 1. That Ld. CIT (A) has erred in law and on facts in deleting the addition of ₹ 10 lacs and ₹ 5 lacs respectively on account of unexplained advances and in not properly appreciating the facts as well as the reasons given by the A.O. in his order/remand report. 2. Therefore, the order of the Ld. CIT (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or (iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and (b) the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head Income from house property . The proviso to section clearly provides that this benefit of the sub-section shall not apply where the assessee owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or purchases any residential house, other than the new asset, within a period of one year after the date of transfer of original asset; or constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head Income from house property . After hearing both the sides, we find that the Assessing Officer as well as the CIT (A) has noted that the assessee was owning t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not been confronted with the assessee which clearly shows that there was inadequate opportunity provided to the assessee. The ld. AR has tried to draw our attention to various positive evidences for establishing that there was a construction of residential house at the Village Simrauli, Hapur. However, we find that the findings of the Assessing Officer as well as the Income-tax Inspector were not confronted with the assessee. Since this is a factual aspect and without bringing all relevant facts on record, it is difficult to arrive at a justified reasoning with regard to the claim of exemption u/s 54F of the Income-tax Act, 1961. Therefore, in the interest of justice and equity, we find it appropriate to remit this issue to the file of the Assessing Officer for deciding de novo after ascertaining all the relevant facts. The assessee shall cooperate in providing all the necessary details. 5. In the result, the appeal of the assessee is allowed for statistical purposes. 6. In the revenue s appeal, the issue involved is deleting the addition of ₹ 15 lacs made on account of unexplained advances. 7. The Assessing Officer made the following additions by holding as under :- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the income of the assessee towards unexplained cash credits as well as unexplained liability Further penalty proceedings for violation of provisions u/s 26955 of the I.T. Act, 1961 by accepting loan of more than ₹ 20,000/ - in cash are also being initiated separately. Penalty proceedings for concealment of income and its particulars u/s. 271(1) (c) of the Income Tax Act, 1961 are being initiated separately. [Addition: ₹ 5,00,000/-] 8. The CIT (Appeals) deleted the additions by holding as under :- 8.3.1 This ground of appeal is regarding addition of ₹ 15,00,000/- which the appellant claimed to be received on account of advance for land sale. 8.3.2 ₹ 10,00,000/- was claimed to be received from Sh. Jaipal Sharma. Confirmations along with copies of sale agreement were furnished. The AO rejected this on the ground that neither mode of this advance was stated clearly nor creditworthiness of Sh. Jaipal Sharma was proved. The appellant says that copy of death certificate of Sh. Jaipal Sharma was submitted before the AO and was explained that Sh. Jaipal Sharma expired before execution of advance deed and that three sons of Sh. Jaip ..... X X X X Extracts X X X X X X X X Extracts X X X X
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