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2021 (11) TMI 54 - AT - Income TaxUnexplained income of the assessee - Unexplained cash deposits - Assessee submitted that the assessee has deposited an amount out of the amount given by his son Mr. Tinku Chaudhary after sale of his buffalows, cow and popular trees - HELD THAT:- Admittedly, the assessee during the course of assessment proceedings had explained before the A.O. regarding the source of cash which was given by his son Mr. Tinku Chaudhary after sale of his Buffallows, cow and popular trees. Neither the A.O. asked the assessee to produce his son for examination nor the assessee had volunteered to produce him before the A.O. Now that Assessee is willing to produce Mr. Tinku Chaudhary before the A.O. for his examination and substantiate the cash payment therefore, considering the totality of the facts and circumstances of the case and in the interest of justice, I deem it proper to restore the issue relating to addition to the file of A.O. with a direction to give an opportunity to the assessee to substantiate the cash deposit by producing cogent evidence - Decided in favour of assessee for statistical purposes. Addition of long term capital gains - As per Assessee when the property was purchased by the wife of the assessee and sold by the wife of the assessee, no addition on account of long term capital gains can be made in the hands of the assessee and the lower authorities have not properly appreciated the facts of the case - HELD THAT:- We deem it proper to restore the issue to the file of A.O. for adjudicating the issue afresh as per fact and Law, after giving due opportunity of being heard to the assessee - Decided in favour of assessee for statistical purposes.
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