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2014 (4) TMI 813 - AT - Income TaxDeletion of estimated addition of interest – Violation of Rule 46A of the Rules – Admission of additional evidence – Held that:- CIT(A) has correctly accepted the additional evidences - It cannot be said that AO was denied any opportunity to go through the additional evidences - AO has asked three months time, for submission of the Remand Report, CIT(A) has duly given the time - AO did not analyze the additional evidences properly - CIT(A) evaluated the additional evidences and gave a very cogent and speaking order on all issues concerned – thus, the AO has been given proper opportunity by the CIT(A) to examine the additional evidence - CIT(A)’s order cannot be said to be suffering from any shortcoming – Decided against Revenue. Deletion of investment in property – Held that:- The assessee has duly explained that the property was purchased by assessee jointly with Smt. Swati Paliwal, with each of them made an investment of Rs. 1 crore - The assessee has duly explained that she has paid her share of Rs. 1 crore for purchase of land through her bank account - it has been duly explained that other expenses on account of stamp duty and Registrar fees was shared 50:50 by her along with co purchaser Smt. Swati Paliwal - As regards the source, the assessee has duly explained that she had taken a loan of Rs. 1 crore from her husband Sh. Mahender Pal Paliwal by transfer from his account - The original source of money in the hands of the family of the assessee as well as Smt. Swati Paliwal was amount received as compensation on account of acquisition of land by the Government - CIT(A) rightly held that the assessee has submitted all the necessary documents to establish the genuineness and veracity of the source of investment – Decided against Revenue. Claim of agricultural income – Agricultural income treated as income from other sources - Held that:- CIT(A) has noted that assessee has submitted a copy of ownership of agricultural land and earning of agricultural income. - The assessee submitted that she has been earning agricultural income regularly and she had also declared the same in the Asstt. year 2005-06, 2006-07 and 2007-08 which has been accepted by the Department - CIT(A) has held that the AO has made a mistake by assessing an agricultural income declared by the assessee at Rs. 1 lakh under the head ‘income from other sources’ – the order of the CIT(A) upheld as the assessee has duly established the ownership of land – Decided against Revenue. Addition of interest income on FDR – Held tha:- CIT(A) was of the view that the assessee has submitted complete details of FDRs along with interest and TDS deducted, copies of Form No. 16A was also enclosed - CIT(A) held that adhoc addition made by the AO by mentioning that the value of principal amount invested in FDRs is not disclosed and in the absence of details the interest income is taken at Rs. 5.50 lacs as against Rs. 3,43,026/- is not tenable – Decided against Revenue. Deletion of capital gain – Held that:- CIT(A) set aside the additions on the submissions made by the assessee, the assessee had dealt with the purchase and sale of the shares during the year under consideration - The details of purchase and sale of shares were filed along with return of income and the assessee had incurred a loss - these were declared in the computation of income - the loss was not adjustable under any other head being Short Term Capital Loss, therefore, the income under the head ‘Capital Gain’ was taken at NIL - CIT(A) properly taken into account the submissions made by the assessee - Assessee has submitted the details of share transactions made by her – thus, the order of the CIT(A) upheld – Decided against Revenue.
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