TaxTMI 
TaxTMI 
2023 (1) TMI 320
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....nation of delay. 4. In the circumstances, we are of the considered opinion that it is a fit case for condoning the delay and admit the appeal for adjudication. 5. The appellant raised the following grounds of appeal :- "1. On the facts and in the circumstances of the case the leaned CIT(A) has erred in not appreciation the fact the land sold in respect of which long term capital gain has arisen belonged to Hindu Undivided Family and hence the said LT Gain should not have been assessed in hands of appellant in status of Individual. 2. On the facts and in the circumstances of the case without prejudice to the above Ground No. 1 CIT(A) has erred in not allowing the claim of exemption made u/s 54B of the I.T.Act 1961. 3. On the facts and in the circumstances of the case leaned CIT(A) has erred in considering the fair market value as on 1.4.1981 at Rs.67,500/-. 4. On the facts and in the circumstances of the case leaned CIT(A) has erred in not appreciating the source explained for cash deposits of Rs. 19,42,000/- ( incorrectly taken as Rs.28,42,000 in computation of total income). 5. The above grounds of appeal may kindly be allowed to be amended, altered, modified etc., in ....
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....3. As regards the claim for deduction of construction, the same was also denied on the ground that it was utilized for the purpose of commercial building. 7. Being aggrieved by the above order of assessment, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the addition on the ground that the assessee had failed to offer any convincing explanation as to source of deposits. Similarly, the addition on account of capital gains was also confirmed. 8. Being aggrieved by the above decision of the ld. CIT(A), the appellant is in appeal before us in the present appeal. 9. The ground of appeal no.1 was not pressed during the course of hearing of the appeal, hence the same is dismissed as such. 10. The ground of appeal no.2 challenges findings of the ld. CIT(A) denial of claim for exemption u/s 54B of the Act. We find that this issue does not emanate from the order of the ld. CIT(A), as no such ground of appeal was raised before the ld. CIT(A). It is only before us the appellant has sought the relief u/s 54B in the form of additional ground of appeal. It is stated that the sale consideration received on sale of agricultural land was invested in purchase of agr....
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....e decision of this Tribunal in the case of Vandana Maruti Pathare (supra). The submissions made by the ld. Counsel that since income arisen out of the agricultural lands were assessable in the hands of the appellant by virtue of clubbing provisions, therefore, the exemption should be allowed u/s 54B, cannot be accepted for the reason that deeming provisions cannot be extended beyond the purpose for which they have been enacted. 16. Similarly, the submission made by the ld. Counsel that the Provision under the provisions of Benami Act, such transactions are permissible as no relevance in deciding the issue of allowability of deduction u/s 54B, as it is settled position of law that the exemption provisions should the construed strictly. Thus, we do not find any merit in the submissions made by the appellant for claiming deduction u/s 54B of the Act. As regard to the claim for deduction u/s 54F, the appellant had not adduced any evidence in support of the construction of residential property except making a bald submission as detailed above. Further from the submission made by the appellant, it is clear that entire money was spent on the construction subsequent to the date of filing....
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....her in the facts and circumstances of the case, the cash deposits made in the bank account held by the appellant with ADCC Bank Ltd. can be treated as unexplained. The provisions of 69 provides that where an assessee made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. It is settled position of law that the unexplained cash deposits in the bank account of the assessee can be brought to tax invoking the provisions of section 69 of the Act. In the present case, on mere perusal of the assessment order, it would suggest that the appellant had failed to offer any explanation whatsoever before the Assessing Officer. It was only during the course of proceedings before the ld. CIT(A), the appellant took a plea that the cash deposits was made on past savings without leading necessary evidence on record in support of such contention. The same came to ....