TMI Blog2015 (10) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee could not substantiate by way of any confirmation or account copies of the so-called withdrawals from the firms. By a separate order, we have also dealt with the appeal in the case of M/s. Ramaswamy & Sons which is supposed to have been advanced ₹ 1 lakh to assessee. In that case, there are no books of accounts and assessments have been completed on estimation basis as that assessee has not even filed return. In the absence of any evidence with reference to confirmation of amounts received as credits, the amount of ₹ 2,50,000 was rightly confirmed by Ld. CIT(A). We see no reason to interfere with the order - Decided against assessee. Claim of exemption under section 10(37) - Held that:- Capital gains is exempt in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue. - Decided in favour of assessee for statistical purposes. - ITA. No. 1124/Hyd/2014 - - - Dated:- 7-11-2014 - Shri B. Ramakotaiah And Smt. Asha Vijayaraghavan,JJ. For the Petitioner : Mr. K. A. Sai Prasad For the Resspondent : Mr. Rajat Mitra ORDER Per B. Ramakotaiah, A.M. This is an assessee s appeal against the order of Ld. CIT(A), Vijayawada dated 06.03.2014 for the assessment year 2008-09. 2. Assessee is an individual and is partner in three firms viz., M/s. Ramaswamy Sons, M/s. Rama Enterprises and M/s. Sri Rama Gardens. There were survey operations conducted in the business premises of assessee s firms on 21.02.2008. In the consequential scrutiny proceedings, A.O. examined various issues and ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were kept for his son s marriage could not be substantiated by assessee, as he has neither produced the copies of bank accounts nor the accounts of the firm to support the contention. In the absence of details, the argument of assessee was not believable and therefore, addition was confirmed. 6. Ld. Counsel reiterated the submissions, whereas, learned D.R. pointed out that the contentions were unsubstantiated. There is no dispute that the amount belongs to assessee and was found in the course of survey. It was the contention of assessee that the sources are withdrawals from bank accounts and firm s accounts but no such evidence was furnished either before A.O. or before appellate authority. Even before us, except making the arguments, n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of M/s. Ramaswamy Sons which is supposed to have been advanced ₹ 1 lakh to assessee. In that case, there are no books of accounts and assessments have been completed on estimation basis as that assessee has not even filed return. In the absence of any evidence with reference to confirmation of amounts received as credits, the amount of ₹ 2,50,000 was rightly confirmed by Ld. CIT(A). We see no reason to interfere with the order. Accordingly, ground No.3 is dismissed. 9. Ground No.4 pertains to claim of exemption under section 10(37) as an additional ground raised before Ld. CIT(A). Assessee filed return admitting capital gains on sale of agricultural lands and claimed exemption under section 54F on a property supp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 that assessee was not precluded from raising legal issue which goes to the root of the matter. Ld. Counsel also relied on the principles laid down by Hon ble High Court of Gauhati in the case of Assam Roofing Ltd., vs. CIT 43 Taxman.com 316 (Gau.) for the proposition that assessee can seek benefit out of any remedies available to assessee under the Act in order to deal with the grievance arising after the orders of A.O. Learned D.R. however, submitted that Ld. CIT(A) rightly rejected the ground. 11. Before adjudicating the ground, it is necessary to examine the provisions of section 10(37) which are as under : Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income fal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being land situated in any area which comprises within the jurisdiction of municipality, cantonment board or an area within such distance not being more than 8 KM from the local limits of municipality or cantonment as notified and other conditions are specified. There is nothing on record to indicate that the land which is acquired by HUDA as stated by assessee was agricultural land under the definition of the I.T. Act, even though the land may be used for agricultural purposes. Since, assessee himself offered the capital gain. A.O. had no occasion to examine this issue, whether the land in question is exigible to capital gains or not. Before the Ld. CIT(A) when assessee has raised as an additional ground, he should have examined the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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