TaxTMI 
TaxTMI 
TaxTMI 
2025 (1) TMI 285
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....he Department (in ITA No. 93/Ahd/2024 against the order passed by Ld. CIT(A) for A.Y. 2016-17 dated 07.11.2023. We shall first take up the appeal of the assessee in ITA No. 1092/Ahd/2023 in the case of Late Smt. Ramilaben Harshadrai Patel (through Legal Heir Devraj Harshadrai Patel) 2. The Assessee has taken the following grounds of appeal:- "1. The learned CIT(A) NFAC has erred in law and on facts in upholding addition of long term capital gain at Rs. 40 Lakhs without allowing deduction for Index cost and exemption u/s. 54B in as much as that as per assessee taxable capital gain was NIL and without appreciating the facts and circumstances of the appellant. 2. He has erred in law and on facts in upholding addition of Rs. 38,50,000 u/s. 68 and holding that assessee failed to discharge onus to prove cash credit in as much as that the full details explaining cash credit have been furnished but not considered and the assessee has discharged the onus cast on her. 3. The learned CIT(A) has grievously erred in law and on facts in not considering the detailed submission furnished by the assessee on 30.01.2020 to the then CIT(A)-3, Ahmedabad explaining with documents the details of ....
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....e was issued by NFAC to the appellant on 08/01/2021. In such circumstances, addition of Rs. 40,00,000/- (Rs.17,14,550 + 22,85,450) on sale of immovable property as LTCG made by the AO is found correct and thus, ground 3 is dismissed." 5. Before us, the Counsel for the assessee submitted that there were five co-owners in such property, with each co-owner having 20% share. One of the co-owners having 20% share was the son of the assessee, Shri Devraj Harshadrai Patel, in whose case similar addition of Rs. 40 lakh was made by the Assessing Officer with respect to his 1/5th share in the above property. However, on identical set of facts, Ld. CIT(A) deleted the addition vide order dated 07.11.2023, based on the remand report called by Ld. CIT(A). Further, Ld. Counsel for the assessee submitted that the Department has also not challenged this addition, as is evident from the grounds of appeal raised by the Department against the order passed by Ld. CIT(A) in ITA No. 93/Ahd/2024 i.e. in the case of co-owner of this property. Accordingly, the Counsel for the assessee submitted that this ground may be decided accordingly. 6. It would be useful to reproduce the relevant extracts of the ord....
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....with respect to loan taken by the assessee from his son, Shri Devraj Harshadrai Patel, the assessee produced before us return of income of Shri Devraj Harshadrai Patel, copy of confirmation and also extracts of the passbook of Shri Devraj Harshadrai Patel showing withdrawal of Rs. 13,50,000/- to demonstrate that both the identity as well as creditworthiness of the said lender has been duly established. 12. With regards to loan of Rs. 25,00,000/- taken by the assessee from Reshmaben Vikrambhai Patel, the Counsel for the assessee has furnished extract of the passbook showing withdrawal of Rs. 25,00,000/- by cheque in the name of the assessee, confirmation by Reshmaben Vikrambhai Patel and also submitted proof that the amount taken as loan was repaid by the assessee to Ms. Ramilaben Harshadbhai Patel on 26.04.2016 by account payee cheque. Accordingly, in light of the above facts, the Counsel for the assessee submitted that the assessee has duly discharged the onus by both giving adequate details regarding the identity of the lenders as well as their creditworthiness and hence, in light of these facts additions are not liable to be sustained in the hands of the assessee. 13. On going....
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....ssee from four parties, the details of which are tabulated below for ready reference: Name Address PAN Amount AC Commodities 12, Shanti Sadan Estate, Mirzapur, Ahmedabad AAVFA1543M 40,00,000/- Madhukanta Patel 01, Sauram Tower NR Vasna Bus Stand, Vasna, Ahmedabad AGVPP3687K 35,00,000/- Shilpa M Patel 399, Patel VAS NR Govt. Chora Paldi, Ahmedabad ASBPP3894L 32,90,000/- Vikrambhai M Patel 1, Pates Vas Motikhand, Thaltej, Ahmedabad AKSPP0031E 25,00,000/- Total 1,32,90,000/- 19. During the course of assessment, the Assessing Officer did not accept the creditworthiness of these parties and added a sum of Rs. 1,32,90,000/- as unexplained investment in the hands of the assessee. 20. In proceedings before Ld. CIT(A), the Ld. CIT(A) called for a remand report from the Assessing Officer and on the basis of remand report furnished by the Assessing Officer and additional details furnished by the assessee during the appellate proceedings, Ld. CIT(A) held that since the assessee has furnished various details like PAN, ITR-V, confirmation of loans, ledger account of the assessee in the books of accounts of the lenders and the relevant bank sta....