2025 (9) TMI 353

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....ri S. Sundar Rajan (JCIT) -Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 05-03-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 25-....

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....ceedings before lower authorities 3.1 It transpired that the assessee filed return of income declaring income of Rs. 1.71 Lacs. The assessee was directed to substantiate the source of cash deposits during demonetization period. It was noted that the assessee was holding 4 bank accounts in which cash was deposited for Rs. 61.93 Lacs. The assessee stated that the cash was sourced out of sale of c....

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....investment u/s 69. 3.2 During appellate proceedings, the assessee, inter-alia reiterated that cash was retained by her to meet the expenditure on account of illness of one of her daughter and for other social consideration of her other three children including higher studies. It was also stated that capital gains for AYs 2014-15 and 2016-17 was duly admitted in the Income tax returns. The retur....

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....income of Rs. 27.56 Lacs. The capital gains so accruing to the assessee against sale of two pieces of land have duly been reflected in this return of income. The assessee has offered capital gains of Rs. 17.83 Lacs in this return of income. Similarly, the return of income for AY 2016-17 has been filed on 23-12-2016 declaring gross income of Rs. 15.34 Lacs which is nothing but long term capital gai....