TMI Blog2015 (5) TMI 719X X X X Extracts X X X X X X X X Extracts X X X X ..... , hence, we uphold the same by dismissing the ground raised by the Revenue.The assessee had made the total payment within the time frame u/s. 54F of and therefore, transfer should be deemed to have taken place. - Decided in favour of assesse. Unexplained cash deposit - CIT(A) deleted the addition - Held that:- CIT(A) has observed that the opening cash as on 1.4.2008 should be deemed as acceptable. He observed that gift from mother is fully substantiated as copies of her income tax returns of last and relevant year alongwith document evidence of source is rightly produced. Ld. CIT(A) further noted that the cash withdrawn from the bank is evidenced by the Bank statement. We find considerable cogency in the finding of the Ld. CIT(A) that gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as erred in 1. Deleting of ₹ 26,85,470/- on account of capital Gain claimed as exempt which was never disclosed to the Department and treating revised computation of assessment proceedings after detecting the same by Department as revised return. 2. Deleting of additions of ₹ 10,25,000/- made on account of unexplained cash deposit. 3. Accepting additional evidence without granting extension of time to AO for submission of report called for which is in contravention of Rule 46A. The appellant craves the right to alter, amend, add or substitute the grounds of appeal. 2. The brief facts of the case are that the Return declaring income of ₹ 5,38,479/- was filed on 21.8.2009.The case was selected for scrutiny th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion regarding sales and purchase. AO further observed that the assesssee could not prove the nexus between sale of property and investment of those fund within the time limit prescribed to claim exemption u/s. 54F. AO asked the assessee to provide the possession letter / electricity / water bill of the property as under section 54F of the I.T. Act. As per AO the completion of construction should be completed within three year of transfer of original asset that is from 1.4.2008 to 31.3.2011 but the assessee failed to submit any proof of completion of the property before the AO. Assessee has also not provided the current status of the property, its stage of completion and whether he is still owner of it or not. Assessee did not submit the sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) has observed that total gain computation was as under:- Sale consideration ₹ 41,76,000 Less: Indexed cost of acquisition ₹ 13,59,081 ₹ 28,16,919 Less: Exemption u/s. 54F on account of investment Of ₹ 56,74,279/- ₹ 28,16,919 Capital gain NIL And / or Capital gain computation of assessee s share was as under:- Sale consideration ₹ 20,88,000 Less: Indexed cost of acquisition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , we find that Ld. CIT(A) has observed that the opening cash as on 1.4.2008 should be deemed as acceptable. He observed that gift from mother is fully substantiated as copies of her income tax returns of last and relevant year alongwith document evidence of source is rightly produced. Ld. CIT(A) further noted that the cash withdrawn from the bank is evidenced by the Bank statement. We find considerable cogency in the finding of the Ld. CIT(A) that gift from mother-in-law does not seem very excessive. Considering she owns a agricultural land as is substantiate with the documentary evidence. Therefore, the conclusion drawn by the Ld. CIT(A) is quite right in deleting the addition of ₹ 10,25,000/- on account of unexplained cash. 7.1 K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 09-05-2013 giving date of hearing for 29-03-2013 and 20-05-2013 respectively. The replies of the same were given vide letters dated 08-04- 2013 and 20-05-2013. In spite of continuous perusal with the concerned officer the remand report has not been sent till date to your office. The appellant is really facing financial difficulties as he has already deposited a portion of tax due and his account is also attached by the income tax department against the demand due. Because the appellant has been cooperative in filing submissions your goodself may consider the same on merits and decide accordingly. 8.1 We find that Ld. CIT(A) has concluded that the appeal be disposed off on the records available as it has been around 3 months and no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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