TaxTMI 
TaxTMI 
2012 (8) TMI 42
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....e has raised following grounds of appeal:- "1.The Learned Commissioner of Income Tax (Appeals)- XV, Ahmedabad has erred in law and on facts of the case by confirming addition of Rs. 1,41,00,000/- in respect of gifts of immovable properties made through registered deeds by the Appellant during the year, in respect of which through mistake of the accountant, journal entries were wrongly made to the credit side of the Capital Account of the Appellant and corresponding debit side of Bhikhubhai Chambers Property Account instead of debit to the Capital Account of the Appellant and credit to the Bhikhubhai Chambers Property Account which error were rectified by reversing the said entries in the books of the Appellant on 01/04/2010, holding t....
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....." 3. The facts in brief are that the case was selected for scrutiny and proceedings under Section 143(3) of the Act were concluded vide assessment order dated 22-12-2010. While finalizing the assessment the Assessing Officer made additions of 1,41,00,000/- on account of capital introduced Rs. 64,90,0000/- on account of unexplained unsecured loan of Rs. 1,54,00,000/- on account of an money receipt of sale of Godhiv land and Rs. 3,500/- on account of disallowance of agriculture income. The assessee feeling aggrieved by the order of Assessing Officer filed an appeal before the Ld. Commissioner of Income Tax (Appeals) who after considering the submissions of the assessee partly allowed the appeal. 4. Ground No. 1 and 3 are interconnected....
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....ellant with his wife, however entire addition is made into the income of the assessee. Further the contention of the Ld. A.R. is that the sale consideration has been duly accepted by the Revenue authorities. So far the issue of making wrong entry into the books of accounts in respect of gift made to Bhikubhai Charitable Trust, Kamliben V. Shah, Aditiben V. Shah and Reshmaben V. Shah is concerned the contention of the Ld. A.R. is that revised balance sheet has been filed which is not considered by the authorities. We find that Ld. CIT(A) has given a finding on the basis of remand report of the A.O that no revised balance sheet was produced before Assessing Officer and also the balance sheet of earlier years. In view of the fact that the cont....
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....ion letter from the concerned persons as per law and credit worthiness of the persons. This ground of assessee's appeal is allowed for statistical purpose. 8. Ground No. 4 is against the rejection of the contention the assessee that the land in question sold by appellant was not within 8 km. of limit of Ahmedabad Municipal Corporation. Ld. A.R. submitted that the land does not fall within 8 km. of the Ahmedabad Municipal Corporation. He submitted that the distance has to measured in the manner as prescribed by the Hon'ble High Court of Panjab & Haryana in the case of CIT Vs. Satinder Pal Singh (2010) 33 DTR 281. On the other hand, Ld. DR supported the orders of the authorities below. We have heard the rival submissions and perused the ma....