TaxTMI 
TaxTMI 
2021 (10) TMI 569
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....812/- on account of ALV of two properties. 2. On the facts and circumstances of the case, the CIT(A) has erred in law in deleting the addition of Rs. 1,77,20,000/- made by AO on account of unexplained credits. 3. On the facts and circumstances of the case, the CIT(A) has erred in law in deleting the addition of Rs. 1,23,600/- made by AO on account of disallowance of interest. 4. On the facts and circumstances of the case, the CIT(A) has erred in law in deleting the addition of Rs. 4,13,172/- made by AO on account of unexplained sale / purchase of shares. 5. On the facts and circumstances of the case, the CIT(A) has erred in law in deleting the addition of Rs. 50,00,000/- made by AO on account of unexplain....
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.... the appeal of the assessee. 5. As regards to Ground No. 1, the Ld. DR submitted that the assessee has paid house tax of Rs. 10,404/- and Rs. 1,289/-on two properties and informed the Assessing Officer the ALV of Property No. 1 at Rs. 34,725/- and regarding the commercial property at Wazirpur. The Ld. DR submitted that the assessee is paying MCD tax of Rs. 10,404/-. The Ld. DR submitted that the ALV of the both properties at minimum will be Rs. 3,00,000/- per annum and hence ALV is determining at Rs. 3,00,000/-. 6. The Ld. AR submitted that it is just an estimation of ALV without any support or finding by the Assessing Officer. Therefore, the CIT(A) has rightly deleted this addition. 7. We have heard both the parties and perused al....
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....ord. It is pertinent to note that the CIT(A) has observed that the Assessing Officer has mislead the facts as only an amount of Rs. 61,36,000/- had been received as loan during the year under consideration from Ms. Asima Gupta. The evidences shown before the Assessing Officer has established the genuineness of the transaction and details related to the origin of the sales of the shares were also before the Assessing Officer. The CIT(A) has given a categorical finding that the sources of credit in the lenders bank account are directly related to the purchase of shares and the same was also placed before the Assessing Officer. Therefore, the CIT(A) has rightly deleted this addition. Hence, Ground No. 2 of the Revenue's appeal is dismissed. ....
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....ion may be sustained. 15. The Ld. AR relied upon the order of the CIT(A) as well as pointed out Page No. 46 and 49 of the paper book wherein the details of opening and closing stock of shares during the Financial Year 2011-12 was submitted. 16. We have heard both the parties and perused the material available on record. It is pertinent to note that the CIT(A) has gone through the details which were very much before the Assessing Officer and after going through the same has deleted this addition. The purchase of shares as well as the sales of the said shares were through recognized stock exchange and is supported by the broker note and the details thereof. Thus, the transactions were genuine and the CIT(A) rightly deleted this addition....