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TMI Blog2011 (7) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... during the assessment noted that the assessee had shown long term capital gains of ₹ 28,76,296/- on sale of shares. The assessee could not give evidence regarding sale of shares, receipt of money from the brokers and about the holding period of the shares. The AO therefore added the sum of ₹ 28,76,296/- as income of the assessee under section 68 of the Income tax Act. The assessee had also shown gift of ₹ 15.50 lacs from her mother Chandrakala S. Bhatad. The assessee however, could not furnish bank statement of her mother to prove that the money had been received from her and, therefore, the AO added the sum of ₹ 15.50 lacs to the total income under section68 of the Act. The AO also noted that unsecured loans as on 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 12.90 lacs on account of sale of property from which assessee had received only ₹ 3,73,910/- and the balance amount had been paid to several other persons. Further, a sum of ₹ 2,55,150/- paid by cheque by the mother on 13.2.2005 was not explained properly as mother had no source of income to explain such cash deposits in the bank account. The CIT(A) after considering remand report accepted the source to the tune of ₹ 3,73,910/- and also the source of sum of ₹ 2,55,150/- on the ground that the AO had not examined the donor while considering source of cash deposit. The CIT(A) therefore confirmed the addition of ₹ 9,20,440/- and gave relief of ₹ 6,29,060/-. (373910 - 255150). In the remand report, AO also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hancement etc. had been made mainly because the the assessee could not file necessary details and evidences in relation to sale of shares which had been lost in unprecedented rains. It was also submitted that the assessee in the meantime had made efforts and obtained the details and evidence in relation to sale and purchase of shares through stock holding corporation which have been filed in the paper book -2 placed on record. It was requested that these additional evidences which are relevant for deciding the issue may be admitted in the interest of justice. In relation to the other grounds it was submitted that the same may be decided or these may also be restored to CIT(A)/AO alongwith main grounds for which additional evidence have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yment during the year was not explained satisfactorily. The CIT(A) has directed that the addition may be deleted as same was covered by the enhancement made by him. In the appeal filed before the Tribunal, the assessee has also disputed the finding of CIT(A) that deposits of ₹ 6,65,000/- and ₹ 2,31,000/- in the bank account explained on account of sale of premises and sale of old furniture were not explained satisfactorily. The grounds raised in relation to deposits of ₹ 6,65,000/- and ₹ 2,31,000/- are also linked to bank accounts in which sale proceeds of the shares have been deposited. We therefore, restore these issue to the file of CIT(A) for fresh decision. As regards the ground relating to addition of ₹ 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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