TMI Blog2011 (7) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... at 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 31.3.2004 were ₹ 27,79,84 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 reported that there were t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TO BE ENHANCED (Including repayment of loan) Rs.44,06,826/- Thus CIT(A) enhanced income by ₹ 44,06,826/- (11308393 6901567). The CIT(A) did not accept the explanation regarding receipt of ₹ 6,65,000/- on account of sale of old premises and ₹ 2,31,000/- on account of sale of old furniture for want of conclusive evidence. 3.2 Aggrieved by the decision of CIT(A) the assessee is in appeal before the Tribunal. 4. Before us the ld. AR for the assessee submitted that substantial additions on account of long term capital gain and by way of enhancement etc. had been made mainly because the the assessee could not file necessary details and evidences in relation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lost in unprecedented floods/rains, additional evidence filed by the assessee which are vital for deciding the grounds, we admit the additional evidences in the interest of justice. These additional evidences have a bearing on substantial additions made on account of capital gain as well as on deposits in bank accounts. These grounds are therefore required to be adjudicated afresh after considering the additional evidences. The issues are, therefore, restored to the file of the CIT(A) for fresh adjudication. The AO had also added a sum of ₹ 15,18,931/- being reduced balance in the loan account on the ground that re-payment during the year was not explained satisfactorily. The CIT(A) has directed that the addition may be deleted as sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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