TMI Blog2019 (2) TMI 1655X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377;.1.5 crores on sale of shares in the return of income filed in response to the notice u/s 148 and moreover, the assessee has not filed any submitted any registered deed document of the gift either before the AO or before the CIT(A), which means, the assessee has not owned the said gift donated by his daughter Smt. Meera Arun. Assessee has not produced any consent and signature of the donor for transferring the said gift by way of sale to third person. Thus, it is amply clear that the provisions of section 49 do not apply in the case in hand, because the said provision envisages only where the capital asset became the property of the assessee then the cost of acquisition of the asset will have to be reckoned on the basis of cost of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional evidences furnished by the assessee from the AO, we remit the matters back to the file of the AO to decide both the issues afresh after considering the documentary evidences as may be filed by the assessee. - Appeal of Revenue allowed for statistical purposes. - I.T.A. No. 3100/Chny/2017 - - - Dated:- 12-2-2019 - Shri A. Mohan Alankamony, Accountant Member And Shri Duvvuru RL Reddy, Judicial Member For The Appellant : Shri R. Clement Ramesh Kumar, Addl. CIT For The Respondent : Shri G. Baskar, Advocate ORDER PER DUVVURU RL REDDY, JUDICIAL MEMBER: This appeal filed by the Revenue is directed against the order of the Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsulting Pvt. Ltd. Further the Assessing Officer has observed that the total number of 3,00,000 equity share was allotted to Smt. Meera Arun for nominal value of ₹.100/- per share. However, on verification of records of Smt. Meera Arun, the Assessing Officer noticed that she does not have sufficient source for cash during the assessment year 2009-10 to invest such huge cash in equity shares. Further, since the facts of sales of shares was not disclosed in the original return of income and it came into light only during the course of search of the residential premises of the assessee and offered to tax during search proceedings, the Assessing Officer brought the entire amount of ₹.1,50,00,000/- to tax. 3. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A). 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. Admittedly, the assessee has not disclosed the receipt of the gift in the original return of income filed and later on claimed a loss of ₹.1.5 crores on sale of shares in the return of income filed in response to the notice under section 148 of the Act and moreover, the assessee has not filed any submitted any registered deed document of the gift either before the Assessing Officer or before the ld. CIT(A), which means, the assessee has not owned the said gift donated by his daughter Smt. Meera Arun. Otherwise also, the assessee has not produced any consent and signature of the donor for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cultivation, details of crops cultivation, Chitta/Adangal, purchase of seeds, sales voucher, etc., the Assessing Officer disallowed the same and treated as income from other sources and brought to tax. Similarly, with regard to the claim of deduction under Chapter VI-A, the assessee has not furnished any documentary evidence. On appeal, for claim of agricultural income, by considering the extracts of revenue records such as Chitta/Adangal, etc. issued by the Govt. authorities, as well as considering the proof of payment of LIP, housing loan repayment, etc. for the claim of deduction under Chapter VI-A, the ld. CIT(A) directed the Assessing Officer to accept the claim of agricultural income as well as the claim of deduction under Chapter VI- ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
