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2019 (1) TMI 748 - AT - Income TaxLong Term Capital Gain and on account of deposits in the bank account - Held that:- Shri Mohan Dhingra, who was actual owner of the property, was also show caused regarding sale of this property and a copy of notice dated 09/01/2018 is placed the reply of Shri Mohan Dhingra is placed and the copy of return along with computation of income and copy of letter written by Income Tax Officer, Ward-1(3) accepting the claim of Shri Mohan Dhingra that he had included the Long Term Capital Gain on the sale made through his power of attorney holder Shri Yogesh Malhotra, was rightly declared in his return of income. All these facts need factual verification. Therefore, we deem it appropriate to remit the issue back to the Assessing Officer who should pass a fresh assessment order after ascertaining the entire facts and circumstances. Other addition with respect to deposits in bank accounts is also remitted to the AO as it is also related to the sale made by the assessee as power of attorney holder. AO should co-relate the sale consideration and date of receipt of sale consideration and deposit in the relevant bank account and then withdrawals from this bank account to the real owner of the property. The assessee will be provided reasonable and sufficient opportunity of being heard. - Appeal of the assessee stands allowed for statistical purposes.
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