Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 485 - HC - Income TaxUnaccounted cash - CIT(A) directing the AO to make addition of only peak of the deposits in the bank account after getting the details from the appellant - Held that:- AO had also found that the appellant had deposited a sum of ₹ 12,30,500/- in another bank account. The appellant’s case is that this amount was deposited out of the sale consideration of a plot or land which was sold for ₹ 75,68,761/-. The appellant’s further case was that he had a half share and that the deposit was made from the sale proceeds received by him. The appellant also contended that this plot was purchased earlier by selling his old house for ₹ 12 lacs. As no details were filed regarding the purchase of the earlier house, the AO did not accept the fact of sale of the old house and subjected the sale consideration amounting to ₹ 37,84,380/- as short term capital gain. The appellant’s case regarding these transactions are purely questions of fact. The CIT (Appeals) in fact again directed the AO to allow ₹ 12,85,500/- on account of cost of acquisition of the earlier property and granted the appellant relief to that extent. The cost of acquisition of the new property was, therefore, reduced from half of the sale price taxed by the AO as capital gain. Accordingly, the short term capital gain was held by the CIT (Appeals) to be ₹ 25,01,880/-. No substantial question of law.
|