TMI Blog2013 (7) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... als) has accepted assessee's oral submissions which are not based on any material on record. Therefore, the findings of the AO in support of the addition have been wrongly interfered with by the CIT(Appeals). Accordingly, the additions restored Entitlement for deduction u/s 54F - CIT(A) allowed the claim - Held that:- There is no dispute between the parties on facts that the assessee had sold his land and raised construction on a plot owned by his wife. Since the section 54F of the 'Act' is a beneficial provision, it has be liberally construed. Therefore, CIT(Appeal)'s findings confirmed. - I.T.A. Nos.404,405/Mds/2012 - - - Dated:- 29-4-2013 - DR. O. K. Narayanan And Shri S. S. Godara,JJ. For the Appellant : Shri. Guru Bashyam, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 847/- made to 14 parties. 7. On being put up to notice by the Assessing Officer, the assessee pleaded that while lending money, he had not lent interest bearing funds as surplus interest free funds were available. In this context, the Assessing officer sought the assessee's fund flow statement and details of loans availed, who did not submit any. This prompted the Assessing Officer to place reliance on the case law of hon'ble Delhi High Court CIT Vs. Orissa Cement Ltd reported in 258 ITR 365 wherein, it had been held that onus to prove matters of special knowledge would lie on the assessee in view of Sec 106 of the Indian Evidence Act. Therefore, in the assessment order dated 03.01.2006, he held that since the assessee did not come forwar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring loans and advanced it to the parties in question without any interest, amounts to special circumstances and it is for him to place on record the relevant material to the effect the business of the parties is export, their mutual understanding with him to share the profits arising therefrom. Nothing of this sort is forthcoming from the case file. Nor such material was produced before the Assessing Officer or CIT(Appeals). This proves that CIT(Appeals) has accepted assessee's oral submissions which are not based on any material on record. Therefore, we hold that the findings of the Assessing Officer in support of the addition have been wrongly interfered with by the CIT(Appeals). Accordingly, the additions is restored. 11. Consequentl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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