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2019 (2) TMI 1655 - AT - Income TaxBogus short term capital gains - assessee did not submit any registered deed document having registered the gift in his name - assessee has not disclosed the receipt of the gift in the original return of income filed and later on claimed a loss on sale of shares in the return of income filed in response to the notice u/s 148 and moreover, the assessee has not filed any submitted any registered deed document of the gift either before the AO or before the CIT(A) - HELD THAT:- Assessee has not disclosed the receipt of the gift in the original return of income filed and later on claimed a loss of ₹.1.5 crores on sale of shares in the return of income filed in response to the notice u/s 148 and moreover, the assessee has not filed any submitted any registered deed document of the gift either before the AO or before the CIT(A), which means, the assessee has not owned the said gift donated by his daughter Smt. Meera Arun. Assessee has not produced any consent and signature of the donor for transferring the said gift by way of sale to third person. Thus, it is amply clear that the provisions of section 49 do not apply in the case in hand, because the said provision envisages only where the capital asset became the property of the assessee then the cost of acquisition of the asset will have to be reckoned on the basis of cost of acquisition to the previous owner and otherwise, no. Since the assessee has not furnished any evidence either before the AO or before the CIT(A) or even before the Tribunal, that the assessee held the gift by way of any registered deed document. Moreover, donor Smt. Meera Arun did not have sufficient source for cash during the assessment year 2009-10 to invest such huge cash in 3,00,000 equity shares, which shows that the entire transaction appears to be bogus. - Decided in favour of revenue. Agricultural income as well as the deduction claimed by the assessee under Chapter VI-A - HELD THAT:- For Agricultural income assessee has not furnished any documentary evidence like quantum of land cultivation, details of crops cultivation, Chitta/Adangal, purchase of seeds, sales voucher, etc., the Assessing Officer disallowed the same and treated as income from other sources and brought to tax. Similarly, with regard to the claim of deduction under Chapter VI-A, the assessee has not furnished any documentary evidence. On appeal, for claim of agricultural income, by considering the extracts of revenue records such as Chitta/Adangal, etc. issued by the Govt. authorities, as well as considering the proof of payment of LIP, housing loan repayment, etc. for the claim of deduction under Chapter VI-A, CIT(A) directed the AO to accept the claim of agricultural income as well as the claim of deduction under Chapter VI-A. Since the CIT(A) has not obtained any remand report on the fresh/additional evidences furnished by the assessee from the AO, we remit the matters back to the file of the AO to decide both the issues afresh after considering the documentary evidences as may be filed by the assessee. - Appeal of Revenue allowed for statistical purposes.
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