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TMI Blog2022 (9) TMI 812X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT(A) for fresh adjudication after giving opportunity of being heard to the assessee. The assessee is also directed to comply with the notices and directions of the revenue authorities. Appeal of the assessee is allowed for statistical purpose. - I.T.A. No. 188/Viz/2020 - - - Dated:- 22-7-2022 - SHRI DUVVURU RL REDDY , HON BLE JUDICIAL MEMBER And SHRI S BALAKRISHNAN , HON BLE ACCOUNTANT MEMBER Appellant by : Shri G. V. N .Hari , AR Respondent by : Shri S. P. G. Mudaliar , DR ORDER Per Duvvuru R. L. Reddy , Judicial Member This appeal is filed by assessee against the order of the Commissioner of Income Tax (Appeals) [in short, CIT(A) ]-1, Visakhapatnam in ITA No. 10507/2016-17/CIT(A)-1/VSP/2020-21 dated 17.08. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and hence the appellant prays relief. 3. Ground No. 1 is general in nature which does not require specific adjudication. 4. Ground No. 3 is related to long term capital gains. Brief facts of the case are that the assessee is an individual, filed her return of income for the A.Y.2014-15, admitting total income of Rs. 24,81,960/- and agricultural income of Rs. 85,000/-. Subsequently, the case was selected for scrutiny under CASS and accordingly, notices u/s. 143(2) and 142(1) of the Income Tax Act, 1961 (in short 'Act') were issued calling for information/details. On perusal of the return of income along with its enclosures, the Assessing Officer (AO) observed that the assessee came into possession of a landed property locate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that in these circumstances, it is necessary to decide the cost of the previous owner u/s. 49(1). The assessee took the cost as on 12.10.2011 being the date of acceptance of gift. On the other hand, the AO adopted the SRO date as on 15.08.1982 as the SRO was unable to give the rate as on 01.04.1981. The assessee was also not able to furnish the rate as on the date of purchase i.e. 21.12.1974. As per section 49(1)(ii) the cost of property under a gift or will shall be deemed to be the cost for which the previous owner of the property acquired it. The Ld. CIT(A), on perusal of the Explanation to section 49(1)(ii) held that from the provisions it is clear that the previous owners means the last owner of the capital asset who acquired the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of the Ld. CIT(A) and dismiss the ground raised by the assessee. 7. Ground No. 4 is related to confirming the addition of Rs. 70,50,278/- in respect of unexplained cash credits u/s. 68. The Ld. AR submitted that the assessee was holding bank accounts in various banks and upon perusing the bank statements, the AO observed that there were several tranches of big amounts of cash deposits in the accounts throughout the year. The AR of the assessee was asked to explain the sources for these deposits and produce the cash flow statement of the assessee. The assessee submitted a cash flow statement and explained that the assessee had sold 2 flats during the assessment year under consideration after redevelopment of the gifted property a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank accounts and worked out the peak credit to Rs. 70,50,278/- on a combined balances of all the bank deposits and withdrawals. Accordingly, the said amount of Rs. 70,50,278/- was brought to tax u/s. 68 r.w.s. 115BBE of the Act treating the same as unexplained cash credits. 8. Aggrieved by the order of the AO, the assessee preferred an appeal before the CIT(A) and the Ld. CIT(A) after careful consideration of the submissions made by the Ld. AR held that the AO considered all the bank accounts and withdrawals from accounts as well as deposits in order to work out peak credit. The assessee's claim, that the source of deposits was the advances received from buyers of flat was disproved by the AO after verification with the buyer as the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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