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2018 (7) TMI 578 - AT - Income TaxUnexplained investment in the bank accounts - Held that:- The amount was advanced for purchase of landed properties by the assessee’s relatives out of their NRE bank accounts, the same was received back by the present assessee. However, this fact has not been verified by the lower authorities. In our opinion, the assessee has to place the copies of NRE bank accounts of his relatives along with the details of refund received on cancellation of the agreements with various parties for purchase of landed properties. Accordingly, we remit this issue to the file of the AO for de novo examination of the documents mentioned above after affording opportunity of hearing to the assessee. If there is no agreement entered with the various parties, the payments made by the assessee’s relatives to the vendor and refund from them is to be substantiated by the assessee. Thus, this ground of appeal of the assessee is partly allowed for statistical purposes. Addition towards receipt of commission on real estate business - Held that:- If the assessee has actually acquired the property for himself, then only the question of computation of capital gain arises in the hands of the assessee. Accordingly, we remit this issue to the file of the Assessing Officer to re-examine the issue afresh and bring to tax only short term capital gain, if so, after giving deduction of cost towards acquisition and transfer of the said property. If the said property was acquired on behalf of Shri Anil Kumar Sharma and thereafter transferred to Shri Anil Kumar Sharma, then there cannot be any capital gain in the hands of the assessee and income on this transaction is to be estimated at 2% on this also. Accordingly, we direct the Assessing Officer to compute the income of the assessee as above. Thus, this ground of appeal of the assessee is partly allowed.
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