https://www.taxtmi.com/caselaws?id=757163 ITAT Nagpur set aside CIT(A)'s order regarding unexplained deposits totaling Rs. 1,000, accepting assessee's explanation that funds came from deceased mother with supporting bank statements and affidavit. Tribunal directed AO to compute long-term capital gain on jewelry sale considering indexed cost of acquisition from 1998 purchase bills. Interest income addition was confirmed as assessee accepted it. House property income enhancement was upheld due to assessee's failure to respond to remand report. Capital gain computation was remanded to AO for valuation officer reference due to discrepancy between sale consideration and registration value. Unexplained bank deposits were partially sustained with lump sum confirmation for dispute resolution. Final addition restricted to Rs. 1,13,511 comprising house property income and interest, providing assessee relief of Rs. 6,68,783. en-us Thu, 20 Jun 2024 00:00:00 +0530 Sat, 17 Aug 2024 08:03:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757163 ITAT Nagpur set aside CIT(A)'s order regarding unexplained deposits totaling Rs. 1,000, accepting assessee's explanation that funds came from deceased mother with supporting bank statements and affidavit. Tribunal directed AO to compute long-term capital gain on jewelry sale considering indexed cost of acquisition from 1998 purchase bills. Interest income addition was confirmed as assessee accepted it. House property income enhancement was upheld due to assessee's failure to respond to remand report. Capital gain computation was remanded to AO for valuation officer reference due to discrepancy between sale consideration and registration value. Unexplained bank deposits were partially sustained with lump sum confirmation for dispute resolution. Final addition restricted to Rs. 1,13,511 comprising house property income and interest, providing assessee relief of Rs. 6,68,783. Case-Laws Income Tax Thu, 20 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757163