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TMI Blog2023 (1) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... alia challenging both the learned lower authorities action making the alleged section 51 addition of Rs.23,57,143/- and disallowing her section 54F/51 deduction claim of Rs.19,40,450/-; respectively. 3. Mr. Jha first of all invited our attention to the CIT(A)'s detailed discussion as well as his computation in page 20 that he has wrongly included the admitted advance amount forfeited of Rs.23,57,143/- as part of the actual sale consideration of Rs.20.10 lakh, resulting in the gross figure of Rs.43,67,143/- than reducing the same from the cost of acquisition of Rs.8,64,220/-, to arrive at net capital gains of Rs.35,02,943/- in issue. 4. Learned counsel invited our attention to the impugned statutory provision section 51 itself that such a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce. The assessee's share in the said advance money is stated to be Rs.23,57,143/- in issue. The alleged total consideration therein was Rs.5.25 crore. Learned counsel's stand is that since the said vendee could not perform his contractual obligations, the assessee forfeited the impugned advance sum followed by her executing the registered sale deed dated 25-07-2012 in favour of other vendee(s). And that Pannalal Karwa above former vendee had put in appearance as a witness so as to avoid future complications. 6. All these assessee's arguments fail to evoke our concurrence. This is inter alia for the reason that the alleged argument between the assessee and Pannalal Karwa is neither here nor there on record. We find from a perusal of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T Vs. Durga Prasad More (1972) 82 ITR 540 (SC). Learned Assessing Officer is accordingly directed to assess this amount of Rs.23.57 as "unexplained" only. Necessary computation shall follow as per law. 7. The assessee at this stage vehemently argued that we could not change the head of income in section 254(1) proceedings. We are afraid that the learned counsel's instant argument very well goes against the hon'ble jurisdictional high court's landmark decision in CIT Vs. Gilbert and Barker Manufacturing Company (1978) 111 ITR 529 (Bom.) deciding the issue in favour of the tribunal's jurisdiction to this effect. We make it clear that we have heard the assessee at length regarding the instant former issue vis-à-vis taxability of the im ..... X X X X Extracts X X X X X X X X Extracts X X X X
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