TaxTMI 
TaxTMI 
2014 (5) TMI 5
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....ns of Rule 46A without giving an opportunity to the AO nor calling Remand Report to justify the additions. 2) Deleting the addition of Rs. 35,00,000/- by withdrawing exemption u/s. 54 of the I.T. Act. 3) Deleting of addition of Rs. 1,44,529/- made on account of undisclosed Short Term Capital Gain. The appellant craves the right to alter, amend, add or substitute the grounds of appeal." 3. Apropos issue of deletion of addition of Rs. 35,00,000/-. In this case assessee has sold residential property being residential Plot at DLF City-IV, Gurgaon, at Chakkaerpur measuring 225 sqmtr. for a total consideration of Rs. 43,05,600/-. The said property was purchased in the year 1991-92 for Rs. 1,47,580/- after deducing Index Cost of Rs. 4,31,616/....
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....itiated separately." 4. Upon assesse's appeal Ld. CIT(A) considered the submissions of the assessee and held as under:- "I have perused the assessment order, grounds of appeal, written submission and discussed the matter with the appellant very carefully. The AO had made an addition of RS.35,OO,OOO/- by disallowing exemption claimed u/s 54 of the LT. Act to the appellant. There is another disallowance of RS.50,OOOI- on household expenses. The appellant is a daughter of a businessman, deriving income from advertising agency and running a company Newfields Advertising Pvt. Ltd. The main Karta of the family is Sh. Raman Gupta, appellant's father. The AR of the appellant had produced a family tree of Raman Gupta which clearly shows how th....
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....of RS.35,00,000/-- is deleted." 5. Against the above order the Revenue is in appeal before us. 6. At the outset, Ld. DR submitted that Ld. CIT(A) has considered the various aspects of the submissions of the assessee which were not before the AO. He submitted that assessee has also not made any application for additional evidence, despite that Ld. CIT(A) has proceeded to consider the new submission by the assessee. He submitted that Ld. CIT(A) has also not called for any remand report from the AO. Hence, the Ld. DR pleaded that the matter may be remitted to the file of the AO to consider the issue afresh. Ld. Counsel of the assessee, on the other hand, relied upon by the order of the Ld. CIT(A) and submitted that Ld. CIT(A) has passed reas....
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....1 regarding the transaction with the appellant. The appellant has also submitted a confirmation statement of account of the broker and the copy of Demat Account to corroborate the transaction. These statement was also filed with the AO at assessment stage but AO had ignored all these facts. In view of the above, the addition made by the AO of RS.1 ,44,529/- is hereby deleted." 10. Against the above order the Revenue is in appeal before us. 11. Ld. DR submitted that assessee has not submitted cogent reply before the AO. Assessee has submitted the second letter issued by M/s IFS Securities and confirmation of the statement of account of the brokers and copy of DMAT account etc. before the Ld. CIT(A). It was contended before the Ld. CIT(A) t....