2019 (7) TMI 1274

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.... addition of Rs. 1,60,010/- being enhancement in business income. 3. The appellant craves leave to add or amend any of the said ground of appeal." 2. The facts giving rise to the present appeal are that case of the assessee was selected for scrutiny assessment and the assessment u/s 143(3) of the Income Tax Act, 1961 (hereinafter called as 'the Act') was framed vide order dated 6.2.2014. While framing the assessment, the A.O. observed that assessee had sold 3 pieces of agricultural lands for Rs. 1.20 crores and computed long term capital gain as at Rs. Nil by claiming that he purchased 3 pieces of agricultural lands for Rs. 33,93,445/- and invested Rs. 86,90,000/- in construction of new residential property within 3 subsequent years and ....

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....43(3) on 10.12.2010 at total income of Rs. 90,95,480/-. The Ld. A.O. denied the exemption u/s 54F on the ground that the cash was utilized for construction of house in name of his wife was not eligible u/s 54F. The denial of exemption u/s 54F by Ld. A.O. was further appealed to Ld. CIT(A). This order was confirmed by Ld. CIT(A). However, without discussing the basis on which the Ld. A.O. made disallowance, the Ld. CIT(A), took his own reasons for disallowance. The assessee was not given any opportunity to submit the documentary evidences for the new findings given by Ld. CIT(A) for disallowing the claim. The same have been received now, which is enclosed as under: a) Electricity Bills - PB 29 b) Property tax receipts - PB 30 - 31 c)....

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.... issue and remit the issue of allowability of deduction u/s 54F of the Act to the A.O. The A.O. would decide the issue after considering the evidences placed on record in accordance with law. This ground of the assessee's appeal is allowed for statistical purposes. 7. Ground No.2 is in respect of addition made by the A.O. towards enhancement of business income. Ld. Counsel for the assessee reiterated the submissions as made in the synopsis. The assessee has been engaged in the business of manufacturing of bricks and declared profit at Rs. 1,39,990/-. The A.O. however estimated the same to Rs. 3 lakhs and added the difference of Rs. 1,60,010/- to the income of the assessee. The Ld. CIT(A) confirmed the addition. Ld. Counsel submitted that t....