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2013 (4) TMI 576 - AT - Income TaxInclusion of rental income from the property in the hands of assessee - period from 1.4.2000 to March 2001 - Held that:- As assessee stated that the agreement to sale has been entered into on 1.4.2000. Clause 22 in the agreement for sale provides that the intending seller is ready to pay the rent from 1.4.2000 to 31.3.2001 to the intending purchaser. There is nothing on record to show that the purchaser was handed over possession on 1.4.2000 & the tenant was aware of the change in ownership and had agreed for paying the rent to the intended purchaser. In fact the agreement for sale requires the vendor (the Assessee herein) to obtain IT clearances and has also provided for obligation on the part of purchaser to maintain the property in good condition till such time. Thus CIT(A) has rightly held that the assessee continues to be a owner of the property atleast till March 2001 when the consideration was paid and hence the rental income from 1.4.2000 to March 2001 should be assessed in the hands of the Assessee - dismiss the Assessee's appeal on this issue. Addition u/s.68 - Held that:- The AO examined the submissions of all the partners and concluded that the introduction of capital in respect of partners who are assessed to tax have not been reflected in the returns. In the case of Smt. Ratan Bai Kothari introduction of Rs.1,90,000 cannot be sustained as she had not given reasonable proof of the source of her savings. This has been further examined by the CIT(A) and the addition was confirmed. There was no further details submitted in the course of the hearing to persuade a different view. In the circumstances appeal of the assessee dismissed.
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