TMI Blog2018 (5) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing Officer has rightly adopted the SRO’s value as on the date of sale of ₹ 57,47,000/-, which was confirmed by the ld.CIT(A). We find no infirmity in the order passed by the ld.CIT(A). - Decided against assessee. Negative balance in the cash book - unexplained expenditure - Held that:- We find that ld. CIT(A) gave a categorical finding that the assessee has not filed any evidence to show that the impugned expenditure was incurred from the cash available of the assessee’s son & daughter-in-law and no entry is made in their books of account. Therefore, we find no reason to interfere with the order of the ld. CIT(A). Thus, this ground of appeal raised by the assessee is dismissed. - ITA No. 194/VIZ/2016 - - - Dated:- 18-5-2018 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above, for an amount of ₹ 26.00 lakhs and that the market value as on the date of execution of sale deed i.e. on 07/02/2008 was ₹ 6,160 per sq.yrd. Therefore, the Assessing Officer adopted the value of sale consideration as per the market value and accordingly, determined the long term capital gain of ₹ 9,91,116/-. The assessee has contended before the Assessing Officer that the SRO s value as on the date of sale agreement i.e. 10/04/2006 of ₹ 26.00 lakhs has to be taken into consideration for the purpose of calculation of long term capital gain and the SRO value of ₹ 57,47,000/- cannot be taken into consideration, the date on which finally property was sold i.e. 07/02/2008. Before the Assessing Officer, asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h two sons had entered into an agreement with Sri S. Chandra Reddy and three others of his family members on 10/04/2006 to sale the scheduled property to the extent of 500 sq.yds and received an amount of ₹ 30,000/- as an advance. As per the above registered agreement, the vendees have to pay the entire balance amount and register the sale deed within a period of one month. The above referred transaction is not materialized. Subsequently, on 07/02/2008 the assessee along with his two sons and also the agreement holders i.e. S. Chandra Reddy 3 others executed the sale deed in favour of M/s. Sri Ramdas Paper Boards (Pvt.) Ltd., on 07/02/2008 for a sale consideration of ₹ 26.00 lakhs. The Assessing Officer gathered details from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of the assessment proceedings, on verification of cash book of the assessee, noted negative balance during the period from 02/11/2007 to 14/11/2007 and the peak of such negative balance was arrived at ₹ 2,61,926/-. When Assessing Officer asked the assessee to explain the reasons, it was submitted that the assessee s son Dr. G. Venkata Krishna daughter Dr. G. Madhavi were staying along with the assessee and that their cash balance was in the custody of the assessee and that the impugned expenditure was met out of the cash balance. The assessee also filed affidavit in support of such contention. The Assessing Officer has considered the explanation of the assessee and observed that all the three parties i.e. assessee, assessee s son ..... X X X X Extracts X X X X X X X X Extracts X X X X
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