2025 (7) TMI 1053

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.... DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of an order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 28-06-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) r.w.s. 147 of the Act on 22-11-2018. The sole grievance o....

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....e provisions of Sec.50C, the stamp duty value of Rs. 105.60 Lacs was adopted and net LTCG was worked out to be Rs. 104.27 Lacs. The assessee claimed deduction u/s 54F and in support thereof, furnished bank statement and valuation report. However, finding discrepancies in the narration of bank entries, the said claim was rejected. The Ld. CIT(A) confirmed the assessment for want of any representati....

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.... 54F is concerned, the assessee is stated to have made investment of Rs. 30.15 Lacs which are sourced out of cash withdrawals from three bank accounts. The perusal of written submissions of Ld. AR would show that the assessee has withdrawn cash of Rs. 37.06 Lacs during the year and discrepancies have been noted only in few of the entries which aggregate to Rs. 9.16 Lacs (Para 5.2 of assessment ord....