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TMI Blog2024 (6) TMI 1208X X X X Extracts X X X X X X X X Extracts X X X X ..... - Unexplained Unsecured Loans - HELD THAT:- As submission of the appellant was verified and having gone through the additional submission as submitted by the appellant as well as examination of additional evidences, the contention of the assessee seems to be acceptable. Additional evidences which were not submitted during the course of assessment proceedings i.e. bank account no, confirmed copy of account, ITR, bank statement and bank statement of assessee, it has been found that there was opening credit balance and during the year under consideration, assessee had received unsecured loans through banking channels and amount was credited in the bank account - No infirmity in the order of the ld CIT(A) granting relief to the assessee. Revenue appeal dismissed. - SHRI SAKTIJIT DEY , VICE PRESIDENT AND SHRI M. BALAGANESH , ACCOUNTANT MEMBER For the Assessee : Shri Somil Agarwal , Adv Shri Deepesh Garg , Adv Shri Shrey Jain , Adv For the Revenue : Shri Zafarul Haque Tanweer , CIT DR ORDER PER M. BALAGANESH , A. M. 1. This appeal in ITA No. 1943/Del/2023 is filed by the revenue and the cross objection No. 83/Del/2023 for A.Y. 2018-19 arises out of the order by ld CIT(A)-3, Noida in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... correctly calculated the capital gain on the sale of property. The said transactions were duly recorded in the books of accounts. However the Ld. AO in total disregard of the documentary evidence of the said transactions and there being no incriminating material found during the course of search proceedings to disbelieve the uncontroverted fact of the transactions recorded in the books; went wrong in treating the date of sale deed as date of purchase and recalculating the long term capital gain taking the cost inflation index of A.Y. 2008-09. The appellant submits that the consequent addition of Rs. 6, 16,730/- is erroneous and hence the same deserves to be deleted. In assessment order, Ld. AO observes that as per the purchase deed submitted by the appellant, the property under consideration was purchased on 16.07.2008 for the total consideration of Rs. 31,31,125/- . Ld. AO states that no details and date of payments have been recorded in the purchase deed and the appellant could not produce documentary evidences to prove that any payment was made in FY 2005-06. Therefore cost of acquisition was taken as Rs. 31,31,125/-in FY 2008-09 and accordingly capital gain amount was recalcula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kanawani, Pargana Loni, Tehsil Dadri, Dist. Gautam Buddha Nagar, is computed as under: Consideration (half share) = Rs. 37,25,000/- Less Cost of acquisition FY 2005-06 31,31,125/- x 272/117 =72,79, 197/- (half share) = 36,39,598/- Expenses incurred in registration FY 2008-092,09,500/- x 272/137 =4,15,942/- (half share) = 2.07.971/- = 38,47,569/- Capital Loss = 1,22,569/- From the above computation it can be seen that the capital loss in the sale of property was Rs 1,22,569/-, however the appellant has claimed loss of Rs 2,99,869/- and Ld. AO has computed gain of Rs. 6,16,730/-. Therefore Ld. AO is directed to consider the Long Term Capital Loss of Rs 1,22,569/- from the transaction of property under consideration and compute the income accordingly. 4.10. Looking to the facts and circumstances of the case, the LTCG computed by Ld. AO as Rs. 6,16,730/- is hereby deleted and it is considered that the appellant deserves claim of LTCL of Rs.1,22,569/- as against claimed LTCL of Rs. 2,99,869/-. All the related grounds of appeal are adjudicated accordingly. 5. From the above, it could be seen that the ld AO had accepted the contentions of the assessee partly in the remand proceedings and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the perusal of the additional evidences which were not submitted during the course of assessment proceedings i.e. confirmed copy of account in the books of A.K. Beverages, PAN, ITR, audited balance sheet, bank statement of assessee and bank statement of AK Beverages it is found that assessee was a partner in M/s A. . Beverages and there was opening Credit capital balance of Rs. 21,92,315/- and during the year under consideration, assessee had also made the payments totaling to Rs. 1,68,500/- through banking channel Further Rs. 2,27,000/- had been received back through banking channel On 31.03.2018, there was loss from share of Rs. 57,68,064/- which was booked and closing balance of assessee was credit of Rs. 80,18,880/-. The AO states that submission of the appellant was verified and having considered submission of the assessee as well as examination of additional evidences, the contention of the assessee seems to be acceptable. In the matter of Unsecured loan taken from M/s Bajaj Prime Fuels Prop. concern of Sh. U.K. Bajaj, Ld. AO states that from the perusal of the additional evidences which were not submitted during the course of assessment proceedings i.e. bank account no 86240 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t assessee had taken total unsecured loan of Rs 20,00,000/- during the year under considerations through banking channel and amount was credited in her bank account no. 862406 with HDFC Bank. Further, total amount of Rs 32,599/- was also repaid through banking channel leaving closing balance of Rs. 19,67,401/-. Ld. AO states that the submission of the appellant was verified and having gone through the additional submission as submitted by the appellant as well as examination of additional evidences, the contention of the assessee seems to be acceptable. 5.12 Looking to the facts and circumstances of the case, the addition of Rs. 87,02,837/- made on account of unsecured loans taken from M/s AK Beverages (Rs. 58,26,565/-), M/s. Bajaj Prime Fuels, prop. concern of Sh. UK Bajaj (Rs. 1,76,871/-), M/s. Bajaj Prime Lubes, prop concern of Sh UK Bajaj HUF (Rs. 7,32,000/-) Sh. Karanvir Bajaj (Rs. 19,67,401/-) is hereby deleted and relief is allowed to the appellant. All the related grounds of appeal are adjudicated accordingly. 7. Since, the relief has been granted to the assessee based on the remand report by the ld AO, revenue would be precluded from filing further appeal before this Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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