2016 (3) TMI 47

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.... tax effect in the Revenue's appeal is less than Rs. 10 lakhs. Learned counsel for the assessee has also filed computation of the tax effect before us, according to which the tax effect in the appeal of the Revenue is Rs. 8,16,310. The Learned Departmental Representative, however submitted that the tax effect according to his calculation is Rs. 8,85,870. Since according to both the parties, the tax effect is less than Rs. 10 lakhs, as per the CBDT Circular No.21/2015 dated 10th December, 2015, bearing F.No.279/Misc.142/2007-ITI(Pt), which is applicable even to the pending appeals, this appeal of the Revenue involving tax effect of less than Rs. 10 lakhs, is liable to be dismissed. We accordingly dismiss the same. 3. Coming to the assesse....

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....inance Rs. 7,00,000 Post dated cheques issued to sellers Rs.10,87,000 Amount received on sale of land   to Shri K.Lakshma Reddy and Others Rs.11,00,000 Auction of Rs. 5 lakhs chit Rs. 3,50,000 Investment made by Viswanath Rs.10,75,000   On the basis of this statement, assessee was asked to produce/explain the details alongwith proof. The assessee, vide letter dated 29.12.2006, submitted the details of the sources of investment. However, for the following reasons, the assessee's submissions were not accepted by the Assessing Officer. (a) The loan taken from Sudnaram Finance was actually taken by assessee's wife and the assessee has failed to prove that this amount was utilised for the....

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....d (g)assessee's revised returns and final accounts. The CIT(A) forwarded these documents to the Assessing Officer for a remand report. The Assessing Officer submitted the remand report to the CIT(A) on 18.2.2009, which was furnished to the assessee for his comments. The assessee furnished his reply and after considering the entire material on record, the CIT(A) did not accept the sum of Rs. 7 lakhs being the loan taken from Sundaram Home Finance and the investment made by Shri Viswanath of Rs. 10,75,000 for the purchase of land. Thus, the CIT(A) granted partial relief to the assessee, against which assessee is in appeal before us. 6. As regards the source of Rs. 7 lakhs, the learned counsel for the assessee has drawn our attention to pag....

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....onstrate that these funds were withdrawn for payment of the same to the vendor before the date of agreement. The assessee has not filed copy of the bank statement of the assessee's wife to prove this fact. In view of the same, we deem it fit and proper to remand this issue to the file of the Assessing Officer for reconsideration and verification of bank statement of the assessee's wife, and if it is found that the said amount of Rs. 7 lakhs has not been utilised for the purpose of construction of house of Smt.Vasumathi and if it is found that the said amount has been withdrawn very much before the date of entering into the agreement of sale for purchase of land, then the same shall be accepted as proved source for investment in the land. Ho....