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2015 (10) TMI 2119 - AT - Income TaxPower of CIT(A) to enhance the assessment u/s. 251(2) - enhancement in the sale consideration for the computation of capital gain - Held that:- CIT(A) issued notice u/s. 251(2) regarding enhancement in the sale consideration for the computation of capital gain is based on the sale of another floor of the same property, i.e., second floor. The assessee has placed no material on record to substantiate the sale proceeds of basement declared by it and consequential capital loss. The value of property declared by the assessee is based on circle rate. The assessee also failed to substantiate its stand by any cogent evidence on record that the area in which the property was located, was a flooded area. No certificate or evidence from Municipal Corporation is available on record to justify stand of the assessee and the value declared by him. On the other hand, the ld. CIT(A) keeping in view the sale value of second floor of same property and ratio of utility between basement and second floor of the property, appears to have given reasonable rebate while determining the sale value of basement at ₹ 1,58,25,000/- and after deducting indexed cost of property of ₹ 27,32,360/- worked out the capital gains at ₹ 1,30,92,640/- as against ₹ 19,09,720/- computed by the Assessing Officer. Accordingly, we find no justification to disturb the enhancement made by the ld. CIT(A) of ₹ 1,20,82,920/- to the total income of the assessee. Decided against the assessee. Addition on cash deposit in the bank account of the assessee - Held that:- We find that the assessee has submitted cash deposit and withdrawals statement which shows that the assessee has shown to have withdrawn the cash by issuing cheques, but it is not clear from the statements that the amounts deposited by the assessee on various dates was the same as withdrawn. The assessee also could not unveil the purpose for which the cash was withdrawn and then the same was deposited with the same bank. We, therefore, find no justification to interfere with the finding of the ld. CIT(A) that it is absurd to believe that somebody will withdraw cash from the bank, keep it idle with him and then deposit the same in the bank, particularly when no purpose for withdrawal was declared by the assessee before the authorities below. - Decided against the assessee.
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