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TMI Blog2024 (1) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... rossly erred in not appreciating the 26AS statements available before them which shows the date of credit and TDS deducted by the deductor. 3. The Ld. AO/DRP failed to appreciate the corrected computation submitted before them during the course of remand report proceedings and erred in adding Rs. 3,35,023/- as Short-Term Capital Gain. 4. The Ld. AO erred in adding Rs. 7,54,209/- as Long-Term Capital Gain without providing the information collected directly by the AO to the assessee, when it is specifically requested by the assessee and instructed by the DRP also that all the information collected by the AO should be provided to the assessee. 5. The Ld. AO erred in adding Rs. 61,58,276/- u/s 69A: - i. Investment in Franklin Templeton MF for Rs. 30,00,000/-il. ii. Investment in Birla Sunlife MF for Rs. 19,79,194/- iii. In respect of Insurance premium paid for Rs. 7,20,965/- iv. In respect of Payment made for purchase of property for Rs. 4,58,117/-. 6. Without prejudice to the above grounds, the Ld. AO/DRP failed to appreciate that the assessee is a non-resident and when his income was subject to TDS, he was not required to file any return of income in India fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spute are that in the return of income filed in response to the notice u/s 148 of the Act, the assessee has shown income from other sources at Rs. 4,72,445/- which included interest income from DBS Saving NRO account at Rs. 70,200/-. However, during the remand proceedings by the Ld. DRP, the Assessing Officer observed that interest amounting to Rs. 1,68,404/- was credited in said bank account and therefore, the Ld. DRP directed the Assessing Officer to tax the interest income from DBS Bank at Rs. 1,68,404/- as against Rs. 70,200/- declared by the assessee . Accordingly in the final assessment order, the Assessing Officer made addition for the difference amount of Rs. 98,204/-. 4.1 Before us, the Ld. Counsel for the assessee submitted that assessee is following mercantile system of accounting and declared interest income from DBS account as and when it was due to the assessee. He submitted that interest of Rs. 1,04,468.13 was credited by the assessee in the assessment year 2014-15 but said amount was received in the year under consideration. Further, he submitted that similarly as per the statement of the 26AS statement the interest which was due to the assessee of Rs. 70,200/- for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year under consideration i.e. 2015-16. which belongs to the earlier year i.e. A. Y 2014-15 and on which due tax has been deduced by the banker in earlier year also." 4.2 The Ld. DR on the other hand relied on the order of the lower authorities. 4.3 We have heard rival submission of the parties on the issue in dispute and perused relevant material on record. The dispute is in respect of interest amount which is appearing in the bank statement as credited on 01.04.2014 but not included by the assessee under the head 'income from other sources'. The contention of the assessee are that said interest amount was already included by the assessee in the return of income filed for immediately proceedings assessment year i.e. assessment year 2014-15 following the mercantile system of accounting as the said interest was credited by the bank in relevant assessment year and accordingly deducted the TDS and said amount was appearing in the 26AS statement for the assessment year 2014-15. In view of the above submission, we feel it appropriate to restore this matter back to the file for the Assessing Officer for verification of the claim of the assessee and if same is found to be correct, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under clause (23D) of section 10, which is transferred during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, the provisions of this clause shall have effect as if for the words "thirty-six months", the words "twelve months" had been substituted:] 6 Provided also that in the case of a share of a company (not being a share listed in a recognised stock exchange in India), [or an immovable property, being land or building or both,] the provisions of this clause shall have effect as if for the words "thirty-six months", the words "twenty-four months" had been substituted.] "[Explanation I].-(1) In determining the period for which any capital asset is held by the assessee- in the case of a share held in a company in liquidation, there shall be excluded the period subsequent to the date on which the company goes into liquidation;" 5.4 In view of the highlighted portion of provision prescribing holding period of 12 months for treating sale of shares/mutual fund for Long Term Capital during the period of 1/04/2014 to 10/07/2014, we feel it appropriate to restore this issue back to the file of the Ld. Assessing Officer for verificati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts made of Rs. 30,00,000/- each in BNP Paribas MF on 30.04.2014 and Franklin Templeton M.F on 05.05.2014. At the time of making submission before the AO only one source of Rs. 30,00,000/- could be found and it was unclear whether it was for Franklin Templeton investment or BNP Paribas investment. So, the AO assume that the source was explained for BP Paribas and not for the Franklin Templeton so he has added as unexplained investments for Franklin Templeton MF. b. Now the assessee could find MF statement of Franklin Templeton MF which is appearing on page 37 of paper book where you will find that investment was made on 05.05.2014 and on the detail appearing above statement the advisor code and name of DBS bank is appearing. c. We invite your kind attention to page no. 39 of the paper book where on 29.04.2014 a DD was issued for Rs. 30,00,000/- that is the source of investment in Franklin Templeton MF. We have also attached on page no. 45 of the paper book the details of source of funds in DBS account which is transferred from the other bank account of the assessee. So, the AO was on error that payment made from DBS account of Rs. 30,00,000/- was for investment in BNP Paribas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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