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2023 (3) TMI 911 - ITAT CHENNAIExemption u/s.54F - Claim denied as property purchased by assessee for a consideration from his wife was never registered as sale deed and even after expiry of more than three years the property was in the name of his wife because no pacca sale deed has been registered - HELD THAT:- Admittedly, it is a fact that the above property purchased by assessee on 22.12.2011 at Padikuppam is land only and not a house and hence, the same is not hit by the provisions of section 54F(1) proviso (a)(ii) of the Act. Secondly, the assessee entered into sale agreement with his wife towards purchase of this residential property situated at Kalashetra Colony, Chennai on 10.12.2011 and assessee has fulfilled all the conditions of section 53A of Transfer of Property Act although the sale deed is not registered but the transaction is completed. CIT(A) power to set aside or sending the issue back for examining the issue afresh - We agree with the contention of the Revenue but by going through the decision of CIT(A), we noted that the CIT(A) has only directed the AO to examine this supporting documents but he has actually allowed the claim of deduction u/s.54F of the Act on principle. According to us, this is not setting aside of the issue or remanding the matter back to the file of the AO for fresh consideration, simpliciter verification is not barred u/s.251(1)(a) of the Act. Hence, we find no infirmity in the order of CIT(A) and the same is confirmed. The appeal of Revenue is dismissed. Disallowing trading loss on sale of shares - primary onus to prove the sources in respect of trade transaction squarely lies on the assessee - HELD THAT:- We are of the view, let the assessee be given one more chance to produce Demat account and the details of banking transactions to prove that the assessee has actually suffered loss - assessee will also file details by quantifying the loss and will prove with reference to Demat account maintained for this purpose. Appeal of the assessee is allowed for statistical purposes. Addition u//s 69 - assessee could not submit the relevant supporting documents with regard to amount received from Shri K. Kesavan - HELD THAT:- We noted that the assessee could not submit the relevant supporting documents with regard to amount received from Shri K. Kesavan - Even the order of CIT(A) is non-speaking and how he reached to the conclusion that the AO has given sufficient opportunities. We could not make out how this amount was disallowed and added u/s.69 of the Act because the individual entry was not discussed by the AO. Hence, keeping in view of facts in mind, we remand this issue back to the file of the AO.
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