TaxTMI 
TaxTMI 
2016 (7) TMI 386
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....ch, I am proceeding to dispose of the appeal ex parte qua the Revenue. 3. The first issue raised in this appeal is against the confirmation of addition of Rs. 6,93,000/-. Briefly stated, the fact of this issue are that the assessee deposited a sum of Rs. 11,41,000/- in cash in his bank account, comprising of two amounts, namely, Rs. 4,23,000/- and Rs. 6,93,000/-. The instant dispute is only about the second item of cash deposit in the bank account amounting to Rs. 6,93,000/-. On being show caused to explain the nature of this cash deposit, the assessee submitted that the Board of Directors of Fusion Electrodes India Pvt. Ltd., authorized the assessee to sell the land registered in the name of the company. It was only pursuant to such autho....
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....pany will not be responsible. 5. From perusal of the above Resolution passed by the company, it becomes clear that the company relinquished all the rights in the leasehold land in favour of the assessee, who was earlier shareholder of this company before liquidation, w.e.f. 4.5.2007 from which date the assessee became "the absolute owner of the above land and got all the rights to the title of the land." The text of the Resolution passed by the company belies the contention put forth before the AO that the assessee was simply assigned the task of selling the property for and on behalf of the company. To a pertinent query, it was admitted by the ld. AR that the company did not offer any income from transfer of such lease hold right in land ....
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....due from the assessee company, in satisfaction of which the assessee was given lease hold right in the property, would become the cost of acquisition in the hands of the assessee. There is no material available on record to show the amount representing such cost of acquisition of the property in the hands of the assessee. As such, I am of the considered opinion that the ends of justice would meet adequately if the impugned order on this issue is set aside and the matter is restored to the file of AO for computing the capital gain in the hands of the assessee, after reducing the cost of acquisition, etc. from the full value of consideration of Rs. 6,93,000/-. Needless to say, the assessee will be obliged to furnish such information to the AO....
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....3. HDFC 4050281000052339 Rs.3,89,109/- 4. AMEX 376939328161000 Rs.3,61,980/- 5. American Express 376916720221004 Rs.2,38,536/- 10. After going through such details, the AO noticed that some of the expenses incurred were personal in nature. On being confronted with the fact, the assessee agreed to surrender a sum of Rs. 50,000/- out of total expenses booked through credit cards. Accordingly, the AO made addition of Rs. 50,000/-, which came to be upheld in the first appeal. 11. Having regard to the facts of the instant case, I am not inclined to disturb the sustenance of this addition because it was the assessee himself who agreed for the addition when certain personal expenses were found to have been incurred through his cr....