2015 (10) TMI 2

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....quential scrutiny proceedings, A.O. examined various issues and made additions of about nine items and determined the total income at Rs. 1,50,21,308 as against Rs. 3,10,920 admitted by assessee. Amongst various additions made by A.O. after considering the submissions of assessee, Ld. CIT(A) deleted most of them while confirming some. Assessee is aggrieved on three such issues in the present appeal. 3. We have heard the Ld. Counsel and learned D.R. in this regard and the contentions are decided issue-wise. Grounds No. 1 and 5 are general in nature and hence, does not require adjudication. 4. Ground No.2 is with reference to addition of Rs. 3,52,315 made by A.O. towards cash found at the time of survey. In the course of survey, the above a....

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....Even before us, except making the arguments, no evidence has been furnished. In the absence of any supporting contentions, we are of the opinion that the authorities are justified in confirming the addition. Accordingly, ground No.2 raised by assessee is dismissed. 7. Ground No.3 pertains to sustaining the addition of Rs. 2,50,000 made by A.O. towards unexplained withdrawals which are not substantiated. 8. Briefly stated, the facts are that in income and expenditure statement prepared by assessee, it was shown that an amount of Rs. 11,50,000 was stated to have been withdrawn from firm's accounts such as Sri Rama Garden Rs. 9 lakhs, M/s. Ramaswamy & Sons Rs. 1 lakh and M/s. Sree Rama Enterprises Rs. 1,50,000. Since no evidence of withdrawa....

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....osed to have been constructed in Madhapur. In the course of assessment proceedings, A.O. objected to the claim of deduction under section 54F on the reason that assessee had two houses, so, deduction under section 54F is not eligible. In the course of appeal proceedings, assessee while filing the additional ground that the amount of capital gain is not taxable on the reason of compulsory acquisition by Government under section 10(37), also made alternate claim of claiming under 54F in another property purchased within one year from the date of transfer. Ld. CIT(A) while dismissing the additional ground raised on the reason that the claim was not made at the time of assessment, however, allowed the alternate claim of another property of exem....

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....hin any of the following clauses shall not be included-........... (1)..... (37) In the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head "Capital gains" arising from the transfer of agricultural land, where - (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section2; (ii) such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by such Hindu undivided family or individual or a parent of his; (iii) such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Govern....