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TMI Blog2019 (2) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... by the CIT(A)-2, Kolhapur on 05-02-2018 in relation to the assessment year 2003-04. 2. The first ground is against confirmation of addition of Rs. 5 lakhs. 3. Briefly stated, the facts of the case are that the AO received certain information regarding repayment of bank loan of Rs. 6,30,000/- by the assessee. On issuance of notice u/s. 148 of the Income-tax Act, 1961 (hereinafter also called `the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant material on record, it is observed that the assessee received a sum of Rs. 5 lakhs by way of small gifts from his friends and relatives. All of such persons, except, Shri Prakash B. Patil, were produced before the AO. They accepted the fact of having given gifts to the assessee. The AO doubted their genuineness on certain frivolous issues. Shri Prakash B. Patil, could not appear in person bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts of the instant ground, it is seen that the assessee categorically stated before the AO that he sold a plot of land for Rs. 1,30,000/-. A copy of Profit and loss account of the assessee for the year under consideration also depicts the sale of plot amounting to Rs. 1,30,000/-. Once the income from sale of plot has been accepted by the AO, he could not have rejected the explanation of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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