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2024 (1) TMI 103 - ITAT MUMBAIAddition of interest income appearing in the bank account but not included under the head ‘income from other sources’ - contention of the assessee are that said interest amount was already included by the assessee in the return of income filed for immediately proceedings assessment year i.e. assessment year 2014-15 following the mercantile system of accounting as the said interest was credited by the bank in relevant assessment year and accordingly deducted the TDS and said amount was appearing in the 26AS statement for the assessment year 2014-15 - HELD THAT:- In view of the above submission, we feel it appropriate to restore this matter back to the file for the AO for verification of the claim of the assessee and if same is found to be correct, then no addition is required to be made in the hands of the assessee for the assessment year under consideration. The ground Nos. 1 & 2 of the appeal are accordingly allowed for statistical purpose. Capital gain of redemption of mutual funds - LTCG OR STCG - claim of the assessee that said mutual funds were sold by the assessee between the period of 01.04.2014 to 10.07.2014 and therefore, same should be subjected to long term capital gain being held for more than 12 months as provided u/s 2(42A) - HELD THAT:- In view of the highlighted portion of provision prescribing holding period of 12 months for treating sale of shares/mutual fund for Long Term Capital during the period of 1/04/2014 to 10/07/2014, we feel it appropriate to restore this issue back to the file of the Ld. Assessing Officer for verification of the date of the sale and then decide in accordance with law. The ground of appeal of the assessee is accordingly allowed for statistical purposes. Long-Term Capital Gain without providing the information collected directly by the AO to the assessee, when it is specifically requested by the assessee and instructed by the DRP also that all the information collected by the AO should be provided to the assessee - As addition was not part of the draft assessment order and no direction has been given by the Ld. DRP and therefore, while giving effect to the direction of the Ld. DRP the Assessing Officer is not justified in making addition, which being ultra vires , liable to be deleted. Unexplained investment in Franklin Templeton MF - Before us, the assessee has filed additional evidence in support of investment in Franklin Templeton MF of Rs. 30,00,000/- as well as statement of investment in Aditya Birla Sun Life MF. In view of the additional evidence filed by the assessee, we restore the issue back to the file of the Assessing Officer for deciding afresh after verification of the source of investment in those mutual funds. Insurance premium paid assessee has expressed inability in getting copy the detail of the insurance premium allegedly paid by the assessee to ICICI Prudential Fund. In the facts and circumstances, we direct the Assessing Officer to gather the said details of the insurance premium paid by the assessee from ICICI Prudential Fund invoking authority u/s 133(6) or 131 of the Act and thereafter provide said information to the assessee to explain the source of investment therein. Payment of purchases of property - We note that the assessee has already explained amount of Rs. 28,47,493/- out of Rs. 33,39,100/- but could not explain source of Rs. 4,58,117/-. AO is directed to collect the detail of the payments made by the assessee from builder M/s PAX Homes LLP invoking authority u/s 133(6) or 131 of the Act and provide copy of the said payment details of Rs. 33,39,100/- to the assessee. Accordingly, the Assessing Officer shall provide the details which will be collected from the builders and thereafter may examine the source of investment and decide the issue in accordance with law. The ground No. 5 of the appeal of the assessee is accordingly allowed for statistical purposes.
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