2015 (5) TMI 719

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....as never disclosed to the Department and treating revised computation of assessment proceedings after detecting the same by Department as revised return. 2. Deleting of additions of Rs. 10,25,000/- made on account of unexplained cash deposit. 3. Accepting additional evidence without granting extension of time to AO for submission of report called for which is in contravention of Rule 46A. The appellant craves the right to alter, amend, add or substitute the grounds of appeal." 2. The brief facts of the case are that the Return declaring income of Rs. 5,38,479/- was filed on 21.8.2009.The case was selected for scrutiny through CASS/AIR. Notice u/s. 143(2) fixing the case for 15.9.2010 was issued. Again notice u/s. 143(2) was issued on 4.....

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....perty and investment of those fund within the time limit prescribed to claim exemption u/s. 54F. AO asked the assessee to provide the possession letter / electricity / water bill of the property as under section 54F of the I.T. Act. As per AO the completion of construction should be completed within three year of transfer of original asset that is from 1.4.2008 to 31.3.2011 but the assessee failed to submit any proof of completion of the property before the AO. Assessee has also not provided the current status of the property, its stage of completion and whether he is still owner of it or not. Assessee did not submit the statement of affairs, therefore, AO observed that it is not possible to know how many other properties he had invested in....

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....,59,081   Rs. 28,16,919 Less: Exemption u/s. 54F on account of investment Of Rs. 56,74,279/- Rs. 28,16,919 Capital gain NIL And / or   Capital gain computation of assessee's share was as under:-   Sale consideration Rs. 20,88,000 Less: Indexed cost of acquisition Rs. 6,79,540   Rs. 14,08,460 Less : Exemption u/s. 54F on account of investment Of Rs. 30,56,000 Rs. 14,08,460 Capital gain Nil   6.2 Ld. CIT(A) has observed that the case is righty covered u/s. 49(1) of the I.T. Act. The cost of acquisition which is indexed is taken to be cost to the previous owner. 6.3 The assessee had made the total payment within the time frame u/s. 54F of and therefore, transfer should be deemed to have taken pla....

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....on drawn by the Ld. CIT(A) is quite right in deleting the addition of Rs. 10,25,000/- on account of unexplained cash. 7.1 Keeping in view of the facts and circumstances, we find that Ld. CIT(A) has passed a well reasoned order on this issue by deleting the addition of Rs. 10,25,000/-, which does not need any interference on our part, hence, we uphold the same by dismissing the ground no. 2 raised by the Revenue. 8. With regard to ground no. 3 regarding accepting additional evidence without granting extension of time to AO for submission of the Remand Report, which is in contravention of Rule 46A is concerned, we find that Ld. CIT(A) has called the Remand Report from the ITO, Ward 41(4), Delhi vide his office letter dated 26.2.2013, but ti....