2019 (1) TMI 262

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....R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-2, Coimbatore, and pertains to the AY 2008-09. 2. Shri N.G.Sridhar Rao, Ld. Representative for the assessee submitted that the assessee received a sum of Rs. 45,00,000/- from Mr.Naren Rajan. In fact, the assessee admitted that the receipts offered as Long Te....

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....apital gain. However, subsequently, the assessee realized that what was received only an advance, therefore, it was claimed accordingly. Hence, the Ld.CIT(A) would not be justified in confirming the order of the AO. 3. On the contrary, the Ld.DR submitted that in the first two rounds of litigation, this Tribunal has remitted the matter back to the file of the AO for re-examination more specific....

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.... is the third round of litigation before this Tribunal. In the two rounds of litigation, this Tribunal has remitted the matter back to the file of the AO for re-examination, more specifically to examine Mr.Naren Rajan. Now, Mr.Naren Rajan is no more. Therefore, the question of examination and cross-examination of Mr. Naren Rajan, may not arise for consideration. The AO found that the assessee m....

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....nd paid the taxes. In those circumstances, this Tribunal is of the considered opinion that there is no justification for the authorities below to assess the entire receipt of Rs. 45,00,000/- as income from "other sources". Even if undertake the receipt as advance for sale of the marbles, this Tribunal is of the considered opinion that unless and until the sale of marbles is concluded by deliver of....