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TMI Blog2015 (10) TMI 1455X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIT(A) went through the evidence as filed by the assessee - Held that:- The fact that the assessee sold certain old furniture items is mentioned in the impugned order. The main reason for rejecting the assessee claim is an apprehension that the furniture items may be capital asset. At the outset, we find this argument of the CIT(A) to be incomprehensible as to how an item of furniture could become capital asset. We, therefore are inclined to accept the argument of the AR and reverse the findings of the CIT(A). Coming to addition of ₹ 41,250/- received gifts at house warming ceremony - assessee has submitted the card before the CIT(A), who has rejected the explanation and evidence - - Held that:- On going though the order of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n April and May of 2005 for ₹ 50,500/- and ₹ 40,250/- and certain gifts received from relatives and friends at house warming function aggregating to ₹ 41,250/-. The assessee also explained that ₹ 2,00,000/- was withdrawal and not deposit. The AO, aggregated the above sums and added the same to the income of the assessee u/s 68, which came to ₹ 10,52,000/-. 3. The assessee approached the CIT(A), before whom the assessee placed certain evidence, which was not submitted before the AO. The CIT(A) sent the evidence to the AO for his objections if any and his comments. The AO, responded vide letter dated 21.02.2011 that the evidence cannot be entertained, as sufficient opportunity was provided to the assessee to l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tain the addition of ₹ 7,30,000/-. 10. Coming to the smaller additions of ₹ 40,500/- and ₹ 40,250/- wherein the assessee sold his old items of furniture. The CIT(A) went through the evidence as filed by the assessee. The fact that the assessee sold certain old furniture items is mentioned in the impugned order. The main reason for rejecting the assessee claim is an apprehension that the furniture items may be capital asset. At the outset, we find this argument of the CIT(A) to be incomprehensible as to how an item of furniture could become capital asset. We, therefore are inclined to accept the argument of the AR and reverse the findings of the CIT(A). 11. Coming to addition of ₹ 41,250/- received gifts at hous ..... X X X X Extracts X X X X X X X X Extracts X X X X
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