Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 337 - AT - Income TaxAddition u/s.68 - cash deposits as cash credits - HELD THAT:- None appeared on behalf of the assessee despite notice. We note that in explanation for the cash deposit in the bank account assessee, whose income is only from tuitions fees and job work submitted that she was having huge cash balance. Authorities below have duly analyzed the details and have granted part relief of ₹ 4 lacs and thereafter upheld the addition of balance. In my considered opinion, on the facts and circumstances of the case, assessee has been granted sufficient credit for opening balance in justification of cash deposit. Revenue is not in appeal against the same. Hence, in my considered opinion, there is no need of interference in the orders of the authorities below. Capital gain computation - Cost of improvement claimed by the assessee - HELD THAT:- From the details, it is evident that assessee is claiming cost of improvement, which are consumable items on account of furnishing sofa etc. The authorities below are correct that these items cannot be considered as cost of improvement for computation of capital gain. The reliance on case SHRI SACHINDER MOHAN MEHTA [2014 (12) TMI 192 - DELHI HIGH COURT] is also germane and applies on the facts of the case. Hence, we uphold the orders of the authorities below. Appeal of the assessee stands dismissed.
|