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TMI Blog2021 (10) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... it is not reopened on this issue only and the cash deposits in the bank account are related to this long term capital gain which was for purchase of residential house. Assessing Officer has rightly made addition and the CIT(A) has rightly confirmed the addition. Hence, Ground No. 1 to 3 are dismissed. Interest u/s. 234A - HELD THAT:- CIT(A) should have considered that the interest can be charged up to the due date prescribed u/s. 139(4) of the Act and not the date of the assessment order. Therefore, we direct the AO to charge the interest as per Section 234A read with Section 139(4). Action of the Ld. A.O. to adopt the circle rate of land @ ₹ 27,000/- per acre as on 01-04-1981 - HELD THAT:- CIT(A) has rightly adopted the ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 234A can be charged up to the due date prescribed u/s. 139(4) of the Act not the date of Assessment order. 5. Without prejudice to the above grounds, whether the Ld. CIT(A)-1, Gurgaon, justified in confirming the action of the Ld. A.O. to adopt the circle rate of land @ ₹ 27,000/- per acre as on 01-04-1981 in arbitrary manner and without bringing any suitable comparable on records? 3. The Assessing Officer received information that the assessee made cash deposits of ₹ 18,00,000/- in his bank account maintained with ICICI Bank. The Assessing Officer accordingly recorded reasons and issued notice u/s. 148 on 26/3/2015. In response to the notice, the assessee did not file his return of income within the stipulated period a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e contended that the said land was at a distance of 15 kilo meter from the Tehsil Sohna and as such was not a capital asset. The Assessing Officer considered the assessee's submissions and observed that as per the provision of Section 2(14), the distance is to be seen from any municipality and accordingly held that the income assessed on account of transfer of land was taxable under the head capital gains. The Assessing Officer further noted that the assessee had purchased agricultural land on 2/2/2010 and 8/12/2020 amounting to ₹ 16,88,863/-. This amount was allowed as deduction u/s. 54B. The assessee also claimed deduction u/s. 54F on account of purchase of residential house from Smt. Rajesh Bala of Sohna on 16/3/2011 for an amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion u/s. 54F of the Act on account of purchase of residential house for an amount of ₹ 18,00,000/-. There was a cash deposit in the bank account. It was only while examining the bank account that the issue of credit entry amounting to more than ₹ 98,00,000/- was notice by the Assessing Officer. Thus, the addition under the head long term capital gain was based on the information obtained from the bank account of the assessee. But after going through the assessment order and the reasons, it is found that it is not reopened on this issue only and the cash deposits in the bank account are related to this long term capital gain which was for purchase of residential house. Therefore, the Assessing Officer has rightly made addition an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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