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TMI Blog2024 (8) TMI 867X X X X Extracts X X X X X X X X Extracts X X X X ..... bank account ignoring the submission of the Appellant. The source of the amount of Rs. 5,00,000 being from explainable sources, the addition deserves to be deleted in the interest of justice. 3) The Ld. CIT(A) grossly erred in assessing the capital gains from sale of jewellery as short-term capital gains. The capital gains on the sale of jewellery ought to be assessed based on the period of holding and in accordance with the provisions of the Income Tax Act, 1961 in the interest of justice. 4) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 68,568 on account of interest income which is illegal, and the addition so made by enhancing the income of the Appellant deserves to be deleted in the interest of justice. 5) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant on account of income from house property from the houses owned by the Appellant without providing any cogent reasons for the same and further by ignoring the submissions of the Appellant that the Appellant has not earned any income from the said properties. The additions emanating from enhancement of income by CIT(A) relating to income from house property d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the loan of Rs. 5 lakh claimed to have been received by the assessee, therefore, the said loan amount of Rs. 5 lakh was treated as unexplained deposit in the bank account. 8. Before us, the learned Counsel for the assessee explained that the assessee has received Rs. 5 lakh on 29/01/2020, from the mother of the assessee Smt. Pushpavati Vasantrai Trivedi, who had expired on 30/01/2010. Copy of Bank Statements was filed to demonstrate the transactions of loan given by a mother to a Son. A duly sworn Affidavit of the assessee was also filed. The learned Counsel accordingly submitted that the sum of Rs. 5 lakh is duly explained. 9. The learned Departmental Representative relied upon the order passed by the learned CIT(A). 10. We have heard both the parties and perused the material available on record and find substantial merit in the submissions of the learned Counsel for the assessee. Since the Mother of the assessee has expired long ago and sufficient evidences have been filed by the assessee to demonstrate the transaction, we set aside the impugned order passed by the learned CIT(A) on this issue and delete the addition of Rs. 5 lakh on account of unexplained deposit. Now, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. The assessee has raised following grounds:- "1) On the facts and circumstances of the case and in law, the entire assessment framed and the additions to the extent confirmed are bad in law and liable to be quashed in the interest of justice. 2) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by an amount of Rs. 11,18,783 on account of long-term capital gains on sale of flat. The addition so enhanced is illegal invalid and deserves to be deleted in the interest of justice. 3) The Ld. CIT(A) grossly erred in enhancing the income of the Appellant by Rs. 11,18,783 on account of long-term capital gains on sale of Flat without giving the benefit of indexed cost of acquisition which is illegal, and which deserves to be allowed in the interest of justice. 4) The Ld. CIT(A) grossly erred in invoking the provisions of section 50C of the Act while enhancing the income of the Appellant on the account of long-term capital gains from sale of flat without complying with the requirements of section 50C including but not limited to referring the valuation to the valuation officer as is statutorily required to be done under law. The invocation of section 50C is thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the additions to the extent confirmed are bad in law and liable to be quashed in the interest of justice. 2) The Ld. AO grossly erred in making and the Ld. CIT(A) -3, Nagpur grossly erred in confirming the addition to the extent of Rs. 8,18,488 treating the same in the nature of unexplained deposits in bank account ignoring the submission of the Appellant. The source of the amounts totalling to Rs. 8,18,488 being from explainable sources, the addition confirmed deserves to be deleted in the interest of justice. 3) The Appellant craves leave to add, amend, alter, vary and / or withdraw any or all the above grounds of appeal with the kind permission of the Hon'ble Tribunal." 23. Grounds no.1 and 3, being general in nature, hence no adjudication is required. 24. Ground no.2, relates to addition of Rs. 8,18,488, on account unexplained deposits in bank account sustained by the learned CIT(A) for the credit entries appearing in two bank accounts bearing no.65160155050 and 61158733841 in the State Bank of India. 25. The Assessing Officer has made the addition with respect to sum total of credits appearing in the bank account of the assessee. 26. Before the learned CIT(A), the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dits appearing in the bank account of the assessee. 33. The learned CIT(A) granted substantial relief to the assessee. Out of the total credit entries, since the assessee has successfully explained the credit entries of Rs. 34,32,773, therefore, the Assessing Officer was directed to reduce Rs. 34,32,773 from the addition of Rs. 42,15,067, made by the Assessing Officer on account of unexplained credit entries in the bank account. The balance credit entries totalling to Rs. 7,82,294, was sustained by the learned CIT(A). 34. We have heard both the parties and perused the material available on record. The learned Counsel for the assessee explained us by inviting our attention to Page-56 of the pb that Rs. 3,00,000, was transfer from UCO Bank and it is merely a contra entry and Rs. 3,93,000, is an auto sweep transaction indicating automatic closure of Fixed Deposit upon maturity which is credited to saving bank account as per the extent procedures of the Bank and hence, the sum of Rs. 6,30,938, cannot be considered to be unexplained credit in the bank account. As per the balance amount of Rs. 1,51,358, he fairly submitted that Rs. 25,202, is income from interest which merits addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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