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2018 (4) TMI 332 - AT - Income TaxReopening of assessment - addition of unexplained deposits in the bank account in the hands of the sons and daughter-in-law - capital gain on sale of land - sharing of the sale consideration among all the legal heirs of late Shri Bhawara @ Bhura - cost of acquisition determination - Held that:- We find that the relinquishment deed was executed as per their family arrangement and mutual understanding so that the family of the daughters of late Shri Bhawara @ Bhura and Smt. Dhapu Devi Meena would not claim the amount in future and therefore, the sole purpose of executing relinquishment deed was to avoid the future dispute/litigation in respect of the share in the land. Thus, the relinquishment deed made it possible to share and distribute the sale consideration among the mother and sons excluding the daughters. Since, one of the sons expired therefore, the wife of the son is representing as legal heirs of the appeal. Accordingly, all sons and mother have shared the sale consideration received on transfer of the land in question and the deposit in bank account of the assessees is from amount received being represented as sale consideration. Hence, we find that the non acceptance of the explanation of source as well as the sharing of the sale consideration by these assessee by the authorities below is not proper and justified. Accordingly, in view of the above facts and circumstances of the case we admit the additional amount raised by the assessee. These 7 assessee mother, sons and daughter-in-law have shared the sale consideration in equal share therefore, the matter requires afresh consideration for assessing the capital gain in equal shares in the hands of the 7 assessee out of which 5 assessee are before us. Accordingly, we set aside these matters to the record of the Assessing Officer for fresh adjudication of the same by consideration the capital gain in the hands of these assessee in equal shares as well as considering the other claims of the assessee as per law. The other issues in these appeals are also accordingly stand set aside to the record of the AO. Since, the AO is required to consider the cost of acquisition as per fair market value as on 01.04.1981 therefore all other claim of index cost and other deductions are also required to be considered by the AO. - Decided in favour of assessee for statistical purposes.
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