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TMI Blog2016 (3) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... f the bank statement of the assessee’s wife to prove this fact. In view of the same, we deem it fit and proper to remand this issue to the file of the Assessing Officer for reconsideration and verification of bank statement of the assessee’s wife, and if it is found that the said amount of ₹ 7 lakhs has not been utilised for the purpose of construction of house of Smt.Vasumathi and if it is found that the said amount has been withdrawn very much before the date of entering into the agreement of sale for purchase of land, then the same shall be accepted as proved source for investment in the land. However, as regards the investment made by Shri Viswanath, we find that Shri Viswanath has reflected in his bank statement, the advance paid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his calculation is ₹ 8,85,870. Since according to both the parties, the tax effect is less than ₹ 10 lakhs, as per the CBDT Circular No.21/2015 dated 10th December, 2015, bearing F.No.279/Misc.142/2007-ITI(Pt), which is applicable even to the pending appeals, this appeal of the Revenue involving tax effect of less than ₹ 10 lakhs, is liable to be dismissed. We accordingly dismiss the same. 3. Coming to the assessee s appeal, assessee is aggrieved by the confirmation of two additions made by the Assessing Officer, viz. (i) ₹ 7 lakhs representing loan amount from Sundaram Home Finance as the source of investment in the purchase of land by the assessee; and (ii) ₹ 10,75,000 representing the amount invested by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.11,00,000 Auction of ₹ 5 lakhs chit ₹ 3,50,000 Investment made by Viswanath Rs.10,75,000 On the basis of this statement, assessee was asked to produce/explain the details alongwith proof. The assessee, vide letter dated 29.12.2006, submitted the details of the sources of investment. However, for the following reasons, the assessee s submissions were not accepted by the Assessing Officer. (a) The loan taken from Sudnaram Finance was actually taken by assessee s wife and the assessee has failed to prove that this amount was utilised for the purpose of purchasing the land. (b) The assessee has not produced any sale d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese documents to the Assessing Officer for a remand report. The Assessing Officer submitted the remand report to the CIT(A) on 18.2.2009, which was furnished to the assessee for his comments. The assessee furnished his reply and after considering the entire material on record, the CIT(A) did not accept the sum of ₹ 7 lakhs being the loan taken from Sundaram Home Finance and the investment made by Shri Viswanath of ₹ 10,75,000 for the purchase of land. Thus, the CIT(A) granted partial relief to the assessee, against which assessee is in appeal before us. 6. As regards the source of ₹ 7 lakhs, the learned counsel for the assessee has drawn our attention to page 3 of the paper-book, which is the statement of account of Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the same to the vendor before the date of agreement. The assessee has not filed copy of the bank statement of the assessee s wife to prove this fact. In view of the same, we deem it fit and proper to remand this issue to the file of the Assessing Officer for reconsideration and verification of bank statement of the assessee s wife, and if it is found that the said amount of ₹ 7 lakhs has not been utilised for the purpose of construction of house of Smt.Vasumathi and if it is found that the said amount has been withdrawn very much before the date of entering into the agreement of sale for purchase of land, then the same shall be accepted as proved source for investment in the land. However, as regards the investment made by Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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