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Usha Manchanda Versus DCIT, Circle-26 (1) , New Delhi

2015 (10) TMI 1472 - ITAT DELHI

Addition on cash deposited in the banks - treating the Long Term Capital gain as Short Term Capital Gain - Held that:- In the present case, it appears that the assessee could not produce certain relevant documents during the course of assessment proceedings which were furnished to the ld. C.I.T.(A) who admitted the same under Rule 46A of the IT Rules and asked the remand report of the AO. However, in the impugned order there is no discussion about the contents of the remand report and the submis .....

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Saini, J. For The Appellant : Sh. Rajesh Jain, C.A. For The Respondent: Smt. Parwinder Kaur, Sr. DR ORDER PER N.K. SAINI, A.M. This is an appeal by the Assessee against the order dated 25.09.2014 of the Ld. CIT(A)-XXIV, New Delhi. 2. Following grounds have been raised in this appeal :- 1. That the learned C.I.T.(Appeal) erred in upholding the order of the Assessing Officer and sustained the assessed income as ₹ 13,11,800/- against returned income of ₹ 5,20,900/- without adjudicating .....

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uspicion and without any basis. 3. That the learned C.I.T.(A) erred in upholding the Order of the Assessing Officer in disallowing depreciation of vehicle used for the purpose of hiring. 4. That the learned C.I.T.(A) erred in upholding the order of Assessing Officer in treating the Long Term Capital gain of ₹ 30,190/- as Short Term Capital Gain. 5. That the Orders of the Assessing Officer and C.I.T.(A) are not based on proper appreciation of facts & evidences and entirely made on suspi .....

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₹ 5,20,902/- which was processed u/s 143(1) of the IT Act, 1961 (hereinafter referred to as the Act) on 17.3.2010 at the returned income. Later on, the case was selected for scrutiny. 5. During the course of assessment proceedings the AO noticed that the assessee made a cash deposit of ₹ 3,91,000/- in the Bank Account maintained with Allahabad Bank and ₹ 1,00,000/- in the bank account with ICICI Bank, Razouri Garden, New Delhi. According to the AO, the Assessee failed to expla .....

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ce in support of her claim. 6. Being aggrieved the assessee carried the matter to the ld. C.I.T.(A) and submitted that cash deposit of ₹ 3,91,000/- was made in saving bank account of Allahabad bank jointly by the assessee and her husband Shri Satish Malchand from the source of cash in hand and from the cash withdrawals from another saving bank accounts maintained with ICICI bank. It was further stated that the said deposit was made to maintain the balance for the purpose of clearing of ins .....

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Thus sufficient cash was available with her which was subsequently deposited on different dates in the banks. It was further stated that the assessee had income as Long Term Capital gain on the sale of shares of Syndicate Bank which were acquired directly from the bank by way of initial public offer and subsequently sold during the relevant assessment year. The assessee furnished copies of account of shares certificate, payment of security transaction tax, demat account etc which could not be s .....

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