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TMI Blog2012 (12) TMI 724X X X X Extracts X X X X X X X X Extracts X X X X ..... essee that the assessee being house wife preferred to live in joint family residential building/premises and that she can shift her residence at any time. 2. On the facts and in the circumstances of the case, the Ld. CIT(A) has failed to appreciate the fact that the purpose of purchase/sale of the property was to earn profit and not to use it for residential purpose. Hence, section 54F(1) of the Income-tax Act, 1961 is not applicable in this case. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) erred in deleting the trading addition of Rs.2,50,030/- made by the A.O. holding that the AO has failed to bring on record any positive and corroborative evidence to disprove the genuineness of the trading results and he also e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital gain and taxed the assessee accordingly. 4. Before the Ld, CIT(A), the assessee made submissions which are reproduced in para 5 at pages 4 to 8 of CIT(A) order. The Ld. CIT(A) after considering the reply had gone on a different premise that the assessee had claimed exemption u/s 54F of the Act. The said provisions contained in section 54F have been reproduced by the ld. CIT(A) in para 10 at pages 12 & 13 of his order and reversed the order of the A.O. by considering that the assessee has rightly invested the capital gain u/s 54F(1) of the Act. 5. We have heard the rival contentions and perused the facts of the case. From the perusal of the claim of the assessee as is evident from PB-1 & II being the statement of total income for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... These facts are coming in the order of the ld. CIT(A) in para 10 itself and as per statement of total income of the assessee placed at PB-1 & 2. It will be interest of justice, if the matter is setaside to the file of the ld. CIT(A), who after considering the provision of section 54 of the Act instead the provisions of section 54F of the Act and will decide the issue afresh by considering the claim and explanation made by the assessee, denovo but by providing sufficient opportunity of being heard to the assessee. Thus ground Nos. 1 & 2 of the revenue are allowed for statistical purposes. 6. As regards ground No.3, the AO made a trading addition of Rs.250030/- being difference between sundry debtors and the sales. 6.1. The Ld. CIT(A) dele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submissions of the assessee deleted the addition made by the AO on account of household withdrawals. 7.1. We have heard the rival contentions and perused the facts of the case. We are in complete agreement with the views of the ld. CIT(A) that the A.O. has not considered the withdrawals made by other members of the family, which were on record. There is nothing on record brought by the AO regarding the reasons for inadequate household withdrawals by the assessee. In the facts and circumstances of the case, we find no infirmity in the order of the ld. CIT(A,) who has rightly deleted the addition. Thus, ground No.4 of the revenue is dismissed. 8. Ground No.5 is general in nature and does not require any adjudication. 9. In the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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