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2015 (5) TMI 719 - AT - Income TaxCapital gain - CIT(A) deleting addition on account of capital Gain claimed as exempt which was never disclosed to the Department and treating revised computation of assessment proceedings after detecting the same by Department as revised return - CIT(A) observed that the case is righty covered u/s. 49(1) and cost of acquisition which is indexed is taken to be cost to the previous owner - Held that:- Keeping in view of the facts and circumstances and precedents, we find that Ld. CIT(A) has passed a reasonable order on this issue by deleting the addition of ₹ 26,85,470/-, which does not need any interference on our part, hence, we uphold the same by dismissing the ground raised by the Revenue.The assessee had made the total payment within the time frame u/s. 54F of and therefore, transfer should be deemed to have taken place. - Decided in favour of assesse. Unexplained cash deposit - CIT(A) deleted the addition - Held that:- CIT(A) has observed that the opening cash as on 1.4.2008 should be deemed as acceptable. He observed that gift from mother is fully substantiated as copies of her income tax returns of last and relevant year alongwith document evidence of source is rightly produced. Ld. CIT(A) further noted that the cash withdrawn from the bank is evidenced by the Bank statement. We find considerable cogency in the finding of the Ld. CIT(A) that gift from mother-in-law does not seem very excessive. Considering she owns a agricultural land as is substantiate with the documentary evidence. Therefore, the conclusion drawn by the Ld. CIT(A) is quite right in deleting the addition on account of unexplained cash.- Decided in favour of assesse. CIT(A) accepting additional evidence - Held that:- CIT(A) has concluded that the appeal be disposed off on the records available as it has been around 3 months and no report has been received fill date and further there does not seem to be any delay from the assessee during remand proceedings. From the above, we do not find any violation on the part of the Ld. CIT(A) under Rule 46A. In the background of the aforesaid facts and circumstances, we find that Ld. CIT(A) has passed a well reasoned order on the issue in dispute, which does not need any interference on our part, hence, we uphold the same by rejecting the ground no. 3 raised by the Revenue..- Decided in favour of assesse
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