TaxTMI 
TaxTMI 
2023 (3) TMI 1239
X X X X Extracts X X X X
X X X X Extracts X X X X
....er dated 10/03/2021 passed for the assessment year 2015-16. 2. The Department has taken the following grounds of appeal:- "1. On the facts and circumstances of the case and in law, the Ld CIT(A) has erred in admitting fresh evidence in contravention to Rule 46A of I.T. Rules. 2. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in not remanding the case back to the AO for examining fresh evidence which is in the form of Bank Statement of assessee for FY 2015-16 which was never brought before the AO. 3. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in rejecting the Bank Statement of the Assessee for FY 2014-15, which clearly shows that the assessee ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... gain of Rs. 4.5 crores as long term capital gain as income of the previous year relevant to assessment year 2015-16, in which the withdrawals from the capital gains account had been made. The ld. DCIT observed that on perusal of the return of income for assessment year 2015-16, the assessee has shown income from other sources of Rs. 45,35,125/- as "income from other sources" and has not offered un-utilised capital gain of Rs. 4.5 croes as its income under the head capital gains during the year under consideration. Accordingly, the DCIT made an addition of Rs. 4.5 crores to the returned income of the assessee as income from long term capital gains. 4. Before ld. CIT(A), the contention of the assessee was that investments were not liquida....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aining narration of "QIC" means "quarterly interest certificate" and the appellant has in fact made capital gain FDs during such period. The appellant has made four FDs of Rs.99,00,000 each and Rs.59,91,781 separately on such dates. The appellant has in fact transferred funds lying in capital gain savings account into capital gain FDs and such entries nowhere prove that appellant has withdrawn funds from capital gain savings accounts. In fact, the appellant has filed the return of income for A.Y. 2016-17 which is already on record of the AO and again submitted by appellant during the Rectification Proceedings from which it is apparent that the appellant has offered income from capital gain of Rs.4,50,00,000 in A.Y. 2016-17 being the year of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....in the order of ld. CIT(A) in allowing the appeal of the assessee in the instant set of facts. 6. We have heard the rival contentions and perused the material on record. Firstly, we observe that there is delay of six days in filing of appeal by the Department. However, looking into the minor period of six days' delay in filing of appeal, in the interest of justice, we are hereby condoning the delay in filing of appeal by the Department. The ld. assessee has also not objected to the delay in filing of appeal by the Department owing to the small period of six days involved. Accordingly, we are proceeding to hear the case on merits. 6.1 On merits, we observe that in the instant case, the ld. CIT(A) admitted additional evidence in support....
X X X X Extracts X X X X
X X X X Extracts X X X X
....has offered capital gains on the same in A.Y. 2016-17, then, appropriate relief may be afforded to the assessee as per law. In the result, the case of the assessee is being restored to the file of ld. Assessing Officer with the above directions. 7. In the result, the appeal of the Revenue is allowed for statistical purposes. Cross Objection No. 27/Ahd/2021 8. The assessee has filed Cross Objection against the order of ld. CIT(A) on the ground that the re-assessment proceedings were initiated are bad in law and are required to be quashed. 9. The assessee has taken the following grounds in the cross objection:- Grounds of cross-objections 1. On the facts and in circumstances of the case, reassessment notice issu....