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Income Tax Officer, Ward-5 (2) , Surat Versus Smt. Kaminiben c. Shah

2017 (1) TMI 817 - ITAT AHMEDABAD

Unexplained cash credit - addition u/s 68 - Held that:- In the statement of facts the revenue has repeated the observations of the A.O. There is no dispute that the purchase of gold ornaments was duly supported by purchase bills which was subsequently confirmed by M. Ruhi Exports. It is also not in dispute that subsequently the assessee had sold the gold so purchased. We fail to understand, when the A.O. has accepted the capital gains then he has also accepted the cost of purchase, then how can .....

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there was a typographical error in respect of the dates of payment. It is also true that Shri C.S. Shah (HUF) has paid the amount on three different dates although the A.O. tried to find out the payment of ₹ 9,00,050/- as a total figure. Thus we do not find any merit in this grievance of the revenue and the same is dismissed. - Capital gain - possession of the impugned gold ornaments sold during the year under consideration - Held that:- There is no dispute that the assessee was showin .....

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cessfully explained by the assessee, we do not find any merit in the impugned grievance of the revenue and the same is dismissed. - ITA. No: 1525/AHD/2012 - Dated:- 5-1-2017 - SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI MAHAVIR PRASAD, JUDICIAL MEMBER For The Appellant : Shri Vilas V. Shinde, Sr. D.R. For The Respondent : Shri Hardik Vora, A.R. PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. With this appeal, the Revenue has challenged the order of Ld. CIT(A)-IV, Surat dated 07.03.2012 pertaining to .....

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69 of the Act, being the amount shown as payment towards purchase of flat on 5.3.2008, treated as unexplained investment by the AO. 3. On the facts and in the circumstances of the case and in Law, the Ld. CIT(A) has erred in deleting the addition of ₹ 9,00,000/- made u/s.69 of the Act, being the amount shown as payment towards purchase of flat on 31.03.2008, treated as unexplained investment by the AO. 4. On the facts and in the circumstances of the case and in Law, the Ld. CIT(A) has erre .....

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has erred in deleting the addition of Rs. Rs.l,00,000/-made u/s.68 of the I.T. Act on account of excess amount shown as payable in the name of Shri. S.D. Shah. 7. On the facts and in the circumstances of the case and in Law, the Ld.CIT(A) has erred in deleting the addition made for the sale proceeds of gold ₹ 13,50,250/- was treated as unexplained money U/S.69A of the I.T. Act. 8. On the facts and in the circumstances of the case and in Law, the Ld.CIT(A) has erred in deleting the addition .....

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hat he has nothing to add more to what has been stated in the statement of facts appended with Form 36. It is the say of the ld. D.R. that the statement of facts may be treated as revenue s written submission. The ld. counsel for the assessee relied upon the order of the First Appellate Authority. 4. We have given a thoughtful consideration to the orders of the authorities below. We have also carefully considered the statement of facts appended with Form 36. 5. Assessee is an individual who file .....

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ility has been towards the purchase of pure gold of 1300 Gms. On perusing the purchase bills, the A.O. was of the opinion that the bills nowhere state that the sellers have made credit sale. The assessee was asked to justify the purchase of gold and to prove the genuineness of the credit shown. Assessee filed confirmation of M. Ruhi Exports. The assessee also filed PAN details along with Income Tax acknowledgement and Sales Tax registration number of M. Ruhi Exports. The A.O. was not convinced w .....

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d 1300 Gms. Gold and the A.O. has accepted the Short Term Capital Gains offered by the assessee. It was vehemently claimed that the A.O. has taken two diversified views for the same set of transaction. 8. After considering the facts and the submissions and the relevant documentary evidences, the ld. CIT(A) was convinced with the genuineness of the credit entry of ₹ 11,84,124/- and deleted the addition. 9. In the statement of facts the revenue has repeated the observations of the A.O. There .....

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revenue and the same is dismissed. 10. Ground nos. 2 & 3 relate to the deletion of the addition of ₹ 5,00,000/- and 9,00,000/- made u/s. 69 of the Act. 11. During the course of the scrutiny assessment proceedings, the A.O. noticed that the assessee has shown balance of ₹ 47,04,000/- for the purchase of residential flat from Rajhans. On verifying the source of purchase, the A.O. noticed that Shri Ankit C. Shah has shown an amount of ₹ 3,00,000/- towards purchase of the said .....

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ended that due to some typographical error the amount and the date have been wrongly mentioned which was duly rectified in the due course of the time. It was explained that in the ledger account of Rajhans Construction Pvt. Ltd. to journal entries have been passed as on 31.03.2008 showing payment from Shri Ankit C. Shah ₹ 10,46,450/- and from C.S. Shah (HUF) ₹ 9,00,050/-. In support of this claim, confirmation from the books of Shri Ankit C. Shah and Shri C.S. Shah (HUF) were filed a .....

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,000/- 01.02.2008 ₹ 2,00,000/- 14. It was brought to the notice of the ld. CIT(A) that the A.O. has tried to verify the total payment of ₹ 9,00,000/- whereas the same was paid on three different dates. Bank pass book of Shri Ankit C. Shah and Shri C.S. Shah (HUF) were also submitted before the ld. CIT(A). 15. After considering the facts and the submissions and the related documentary evidences, the ld. CIT(A) was convinced with the payments made by Shri Ankit C. Shah and Shri C.S. Sh .....

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cal error in respect of the dates of payment. It is also true that Shri C.S. Shah (HUF) has paid the amount on three different dates although the A.O. tried to find out the payment of ₹ 9,00,050/- as a total figure. 17. Considering the conclusive evidences qua the facts in issue, we do not find any error or infirmity in the findings of the ld. CIT(A). Ground nos. 1 & 2 are accordingly dismissed. 18. Ground no. 4 relates to the deletion of the addition of ₹ 4.56 lacs. The A.O. fou .....

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al account of the assessee. The A.O. was of the opinion that the assessee has not furnished any document showing the transaction of inheritance. The A.O. was of the opinion that merely by filing the certificate of VDIS, 1975 would not explain the source of credit. The A.O. accordingly treated ₹ 4,56,000/- as unexplained cash credit and made the addition u/s. 68 of the Act. 19. Before the ld. CIT(A), the assessee reiterated what has been stated before the A.O. 20. After considering the fact .....

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he orders of the authorities below and after considering the proves in the form of VDIS certificate and custom certified purchase bills, in our considered opinion, the assessee has successfully shown the possession of the gold ornaments and the subsequent sale of the same. We, therefore, decline to interfere with the findings of the ld. CIT(A). Ground no. 4 is accordingly dismissed. 22. Ground no. 5 relates to the deletion of the addition made u/s. 68 of the Act at ₹ 4,24,000/-. 23. The Fi .....

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at the assessee has shown loan of ₹ 8,80,000/- received from father-in-law Mr. S.D. Shah. The A.O. found that Shri S.D. Shah has confirmed the loan of ₹ 7,80,000/-. The A.O. accordingly treated ₹ 1,00,000/- as unexplained and made the addition u/s. 68 of the Act. 26. Before the ld. CIT(A), it was explained that in his books, Shri S.D. Shah has opened two ledger accounts of the assessee. In one account balance was ₹ 7,80,000/- and in the other account ₹ 1,00,000/- wa .....

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see was to explain the source of ₹ 8,80,000/- and considering these facts in totality, the source stands explained. We decline to interfere with the findings of the ld. CIT(A). Ground no. 6 is dismissed. 28. Ground no. 7 relates to the deletion of the addition of ₹ 13,50,000/- made u/s. 69A of the Act and ground no. 8 relates to the determination of Short Term Capital Gains. Since both these grievances arise out of same set of facts and are inter related, they are taken for adjudicat .....

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d sales bill. The claim of the assessee was dismissed by the A.O. who was of the opinion that the sale bills do not have any sales bill number. The A.O. further found that both the sale bills have different addresses written on them. The A.O. further observed that in the earlier years balance sheet, the assessee has shown jewellery in her balance sheet and the same shown under the head gold in the balance sheet of 31.03.2008. According to the A.O., the quantity of gold brought forward from 2006- .....

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