2025 (8) TMI 350

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....R SINGH, VP: This appeal by Revenue is arising out of order of CIT (Appeals)- 2, Chandigarh in appeal no. 91/2/15-16 order dated 03.09.2019. The assessment was framed by ITO, Ward 6(4), Mohali, U/s 144 r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for the Assessment Year (AY) 2007-08 vide his order dated 26.03.2015. 2. The only issue in this appeal of Revenue is ....

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....ee to explain the source of 50% of total amount and thereby explain the amount of Rs. 2,77,02,500/-. As the assessee could not explain the credit entries in the joint bank account, the AO added 50% of total amount of Rs. 5,54,5000/- i.e. Rs. 2,77,02,500/- as unexplained cash deposits u/s 68 of the Act. Aggrieved, the Assessee preferred an appeal before the CIT(A). 4. The CIT(A) after noting the f....

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....nder: "8.1 The submissions of counsel of the assessee have been considered. The assessee and his mother jointly sold the ancestral agricultural land measuring 32 kanals 4 marle having 5% of each share, for total consideration of Rs. 73 lacs. Since the land is situated at village Jhungian which falls under the M.C. limits, it is a capital asset and come under the provisions of capital gain. The c....

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....everse entries on the same date as unexplained. Grounds of Appeal no. 4 & 5 are allowed." Aggrieved, the Revenue is in appeal before the Tribunal. 5. We have heard the rival contention and gone through the facts and circumstances of the case. We noted that the CIT(A) while deleting the addition of capital gains considered the remand report of the AO, admitted the sale of this land to the extent....