TaxTMI 
TaxTMI 
2021 (2) TMI 1056
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....unds inter alia that :- "(i) On the facts and in the circumstances of the case, the Ld.CIT(A) has erred in admitting the additional evidences furnished before him by the assessee without recording his satisfaction that the assessee was prevented by sufficient cause from producing the evidences which he was called upon to produce by the assessing officer in contravention of the provisions of Rule 46A of the Income Tax Rules and thereby grossly erred in deleting the addition of Rs. 5,25,00,000/- made by the Assessing Officer. (ii) The Ld. CIT(A) has erred in admitting the additional evidences simply on the ground that the additional evidences are crucial to the disposal of appeal without recording his satisfaction that the c....
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....ade addition thereof under section 68 of the Income-tax Act, 1961 (for short 'the Act') . AO also made addition of Rs. 1,07,77,270/- u/s 68 of the Act on failure of the assessee to explain about the credit entry appearing in his bank account no.210300111000011 maintained with Corporation Bank, Branch at Main Market, Pankaj Plaza, Sector 6, Dwarka, New Delhi and thereby assessed the total taxable income at Rs. 6,41,27,810/-. 3. Assessee carried the matter before the ld. CIT (A) by way of filing the appeal who has deleted the additions made by the AO by accepting the appeal. Feeling aggrieved by the order passed by the ld. CIT (A), the Revenue has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. ....
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....4 of the Act but these were not properly examined and thereby escaped appropriate consideration in accordance with the extant provisions of law. Even when the 'additional evidences' were sent to the AO for comments no comments on merits have been received. Further, perusal of the details filed by the appellant makes it clear that the appellant is eligible for relief u/s 54 on his Capital Gains. 5.4 As regards the additions made u/s 68 in the impugned order on the bank interest, it is observed that these are found in the appellant's Capital Gains Account and therefore, the appellant's explanation on this is plausible. Accordingly, the aforementioned additions made in the impugned order at para 2 above stand deleted. ....
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....foresaid information also contains photocopies of the assessee's capital gains earned with Corporation Bank, Dwarka, New Delhi jointly opened in assessee and his wife's name on 06.02.2012 and has also filed copy of registered sale deed of the property in question. 9. When the assessee has duly filed requisite details during the assessment proceedings with copy of his bank statement showing investment of capital gain in capital gain accounts to the extent of sale proceed of his 1/5th share to the tune of Rs. 97,70,743/- and also brought on record copy of registered deed for purchase of new residential property on 11.11.2013 and its cost is more than the capital gain received by the assessee and thereby satisfied the provisions contained u....