Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 6 - AT - Income TaxUnexplained money received from buyers - money received against the sale of property - HELD THAT:- Assessee has claimed that the money was received against the sale of property of ₹ 32 lakhs out of which the Department has seized ₹ 24.70 lakhs but as the registered sale deed of this property is of ₹ 15.60 lakhs, the AO was right in holding that the amount of ₹ 16.40 lakhs is unaccounted as it could not be substantiated by any document of the buyer. AO has summoned the buyer in this respect and asked for confirmation during the course of assessment proceedings but the buyer did not responds to this, hence, the explanation of the assessee that the money is received from the buyer remained unexplained, hence, addition was rightly sustained by the CIT(A). Addition on account of cash deposit - HELD THAT:- Cash deposit of ₹ 4 lacs in the bank account of the assessee is transferred to Madhuban Branch and not a part of the addition made by the AO of ₹ 16.40 lacs, therefore, the addition of ₹ 4 lacs made by the AO was rightly confirmed as this cash deposit could not be explained by the assessee during the course of assessment as well as appellate proceedings. Rework the calculations of capital loss - HELD THAT:- Relevant provisions does not allow set off of long term capital loss against any other head of income, hence, this claim of the assessee was rightly rejected by the authorities below. - Decided against assessee.
|