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2015 (7) TMI 485 - PUNJAB & HARYANA HIGH COURT

2015 (7) TMI 485 - PUNJAB & HARYANA HIGH COURT - TMI - Unaccounted cash - CIT(A) directing the AO to make addition of only peak of the deposits in the bank account after getting the details from the appellant - Held that:- AO had also found that the appellant had deposited a sum of ₹ 12,30,500/- in another bank account. The appellant’s case is that this amount was deposited out of the sale consideration of a plot or land which was sold for ₹ 75,68,761/-. The appellant’s further case .....

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tions of fact. The CIT (Appeals) in fact again directed the AO to allow ₹ 12,85,500/- on account of cost of acquisition of the earlier property and granted the appellant relief to that extent. The cost of acquisition of the new property was, therefore, reduced from half of the sale price taxed by the AO as capital gain. Accordingly, the short term capital gain was held by the CIT (Appeals) to be ₹ 25,01,880/-. No substantial question of law. - ITA-235-2015 (O&M) - Dated:- 2-7-2015 - .....

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s turn-over was only ₹ 4,21,855/- and, therefore, the cash cannot be related to the appellant s business transactions. This finding was also on account of the fact that the appellant had not produced any sale/purchase details. The AO, therefore, made an addition of ₹ 11,04,167/-. The CIT (Appeals) noted that the appellant had initially stated that he was not maintaining any regular books of accounts and later he submitted that the books of accounts were complete. Only a computerized .....

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