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2021 (10) TMI 91 - ITAT BANGALOREComputation of Capital gain - whether interest on loan taken for purchase of vacant site goes to increase the cost of acquisition u/s.48 - HELD THAT:- The assessee has not placed on record his return of income and computation statement - in a position to determine whether the interest paid on ICICI Bank loan was claimed as deduction u/s. 24 - matter needs to be decided by the A.O. afresh. Accordingly, this issue is restored to the files of the A.O. A.O. is directed to examine the interest which was claimed as deduction u/s. 24 of the I.T. Act. In the event, the assessee establishes that there is no claim of deduction u/s. 24 of the I.T. Act in respect of interest paid A.O. shall consider the claim that interest paid whether it goes to increase the cost of asset in light of the dictum laid down in the case of Addl. CIT v. K.S. Gupta [1976 (8) TMI 9 - ANDHRA PRADESH HIGH COURT] and shall take a decision in accordance with law. Ground relating to computation of capital gains in respect of interest paid on loan, whether it goes to increase the cost of acquisition of land, is allowed for statistical purposes. Addition as unexplained money u/s. 69A - HELD THAT:- Many of the credits appearing in assessee's bank account is on account of bank transfers. The assessee's submission that the FD deposits in the name of his deceased mother, which were in the joint account with the assessee, were automatically transferred to the assessee's bank account cannot be totally ruled out. The assessee being an NRI and not being present in India during assessment proceedings, is sufficient cause for not producing the necessary material/evidence before the A.O. In the interest of justice and equity, the additional evidence, which is furnished, goes to the root of the issue and for substantial cause, admit the same. Since the additional evidence is taken on record, the matter is restored to the files of A.O. A.O. is directed to consider the evidences placed with regard to the source of credits in the bank account to the extent which has been disbelieved by the A.O. The A.O. is directed to afford a reasonable opportunity of hearing to the assessee and take a decision in accordance with law. It is ordered accordingly.
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