9911796707
TMI Blog2021 (10) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions in the books of accounts as evident from the cash book and financial statements furnished by the assessee along with paper book. Therefore, there is no case for making addition u/s 69A and we do not find any reason to interfere with the order of the Ld.CIT(A) and the appeal of the revenue on this ground is dismissed. Addition on profit from sale of car - assessee reduced the said amount from P L account, but not offered the same under the head Capital Gains - HELD THAT:- In the instant case, the assessee credited the profit on sale of car in Profit Loss account, but the car is part of the block of assets and the sale consideration of the car required to be reduced from the block of assets. As per the computation given by the Ld.CIT(A) in appeal order, we find that the assessee has rightly reduced the sale of old car from the block of assets and claimed the depreciation on the written down value hence, there is no case for making the addition on sale of car. Therefore, we hold that the Ld.CIT(A) rightly deleted the addition and the same is upheld. Appeal of the revenue on this ground is dismissed Admission of additional evidence by CIT-A - department s conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition u/s 69A of the Act. 4. Against which, the assessee went on appeal before the CIT(A)and The assessee explained that bank account of South Indian Bank was disclosed in the books of accounts and the cash deposits were also duly accounted. The Ld.CIT(A) perused the documents filed along with paper book and found that the assessee had deposited ₹ 30,00,000/- on 10.11.2016, ₹ 9,00,000/- on 16.11.2016 and ₹ 3,00,000/- on 30.12.2016 in her bank account No.0063083000000573 with South Indian Bank Ltd. Further the Ld.CIT(A) also found that the assessee was having cash balance of ₹ 44,82,684.26 at the beginning of ₹ 10.11.2016 and the assessee had deposited the said sums from the cash balance available as on 10.11.2016. Thus, the Ld.CIT(A) held that the cash deposits are duly explained from the entries in books of accounts, therefore, following the decision of Hon ble ITAT Mumbai in the case of Karthik Constructions in I.T.A. No.2292/Mum/2016 dated 23.03.2018 and deleted the addition. 5. Against which the department is in appeal before this Tribunal. During the appeal hearing, the Ld.DR supported the order of the AO and argued that during the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital gains on sale of shares at ₹ 77,74,373/- and claimed as exempt income u/s 10(38) of the act. The AO has called for the details but the assessee failed to furnish the details, therefore, the AO made addition u/s 69A for an amount of ₹ 77,74,343/-. 9. The assessee went on appeal before the CIT(A) and the Ld.CIT(A) deleted the addition holding that the AO has erroneously invoked section 69A for making the addition, therefore, held that the addition made by the AO is unsustainable, accordingly deleted the addition. 10. Against the order of the Ld.CIT(A), the department is in appeal before this Tribunal. During the appeal hearing, the Ld.DR supported the order of the AO and argued that the assessee did not furnish any details during the appeal hearing, therefore argued that the Ld.CIT(A) ought to have given opportunity to the AO under Rule 46A. Therefore, requested to remit the matter back to the file of the AO. 11. On the other hand, the Ld.AR argued that the AO made the addition u/s 69A. There is no dispute that the receipt was under long term capital gains for sale of shares. The details have been furnished in the paper book. The Ld.AR further argued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the instant case, the assessee has recorded the transactions in the books of accounts as evident from the cash book and financial statements furnished by the assessee along with paper book. Therefore, there is no case for making addition u/s 69A and we do not find any reason to interfere with the order of the Ld.CIT(A) and the appeal of the revenue on this ground is dismissed. 13. Ground No.4 is related to the addition of ₹ 1,67,983/-, profit from sale of car. During the assessment proceedings, the AO found that the assessee has shown the sum of ₹ 1,67,983/- as profit on sale of car. The assessee reduced the said amount from P L account, but not offered the same under the head Capital Gains. The AO issued show cause notice and the assessee failed to furnish the details. Therefore, the AO made the addition of ₹ 1,67,982/- u/s 69A of the Act. 14. Against which the assessee went on appeal before the CIT(A) and the Ld.CIT(A) found from the computation of income that the assessee has reduced the profit on sale of car and made necessary adjustment in the depreciation statement. The contention of the assessee was that the sale proceeds of the car was reduce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e further enquiries or the Ld.CIT(A) himself can make enquiries before disposing the appeal as per section 250(4) of the Act. The Ld.CIT(A) duly verified the information placed before him before disposing the appeal, which is evident from the Ld.CIT(A) s order, hence, argued that there is no need to remit the matter back to the file of the AO and requested that the revenue s appeal may be dismissed. 20. We have heard both the parties and perused the material placed on record. As per the provisions of section 250(4 )of the Act, the Ld.CIT(A) is permitted to make further enquiries before disposing the appeal. The assessee has filed paper book and furnished the information that was placed before the CIT(A) or lower authorities. Copy of cash book from page No.15 to 23, copy of South Indian Bank statement from page No.24 to 29, Computation income statement, copy of financial statements and proof for purchase and sale of shares. The information with regard to addition u/s 69A, sale of shares and depreciation on car are very simple issues and the department did not bring any defect or error in the information filed in the paper book. Since, the Ld.CIT(A) duly verified the information ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
