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Before: SHRI H.S. SIDHU
Date of Hearing : 05-11-2015 Date of Order : 06-11-2015
O R D E R This appeal by the Assessee is directed against the Order of the Ld. Commissioner of Income Tax (Appeals), Ghaziabad pertaining to assessment year 2009-10.
The grounds of appeal read as under:-
1. That under the facts and circumstances of the case, the Ld. CIT(A) has erred to confirm the addition of Rs. 7,80,500/- on account of unexplained cash deposit in bank, which was out of realization of debtors in ordinary course of business. Confirmation of addition at Rs. 7,80,500/- is therefore, arbitrary, unjust, uncalled for, illegal and in any case highly excessive.
2. That under the facts and circumstances of the case, the Ld. CIT(A) has erred to compute the long term capital gain at Rs. 1,87,228/- as against Rs. 12,618/- disclosed by the appellant and thereby making an addition ofRs. 1,74,610/-. Confirmation of addition is therefore, arbitrary, unjust uncalled for, illegal, highly excessive and against the material place on record.
The facts narrated by the revenue authorities are not disputed by both the parties, therefore, the same are not repeated here for the sake of convenience.
During the hearing, Ld. Counsel for the Assessee has stated that assessee has filed all the necessary documentary evidences before the AO as well as before the Ld. CIT(A) for substantiating his claim which has not been properly consdiered by the AO as well as by the ld. CIT(A). He has filed the Paper Book containing pags 1 to 122 in which he has attached the copy of written submission dated 23.9.2014 filed before the Ld. CIT(A); copy of compuation, alongwith profit and loss account, trading account, balance sheet, alongwith audit report as filed before AO; Copy of saving bank account; copy of PNB account; copy of written submission dated 23.12.2011, 28.12.2011 and 29.112.2011; copy of family partition; registered agreement to sale the property; copy of memorandum of undertaking dated 28.10.2006; copy of valuation report as on 31.3.2007 and 1.4.1981; copy of sale deed executed by assessee; copy of assessment order dated 26.3.2013 for AY 2007-08 in which contention of the property sold was accepted, alongwith written submission dated 14.3.2013; written submission dated 18.2.2015, as filed before the CIT(A); copoy of remand report of AO dated 29.9.2014 and copy of reply of rejoinder dated 24.12.2014, as filed before the CIT(A). He requested that the issue in dispute may be remitted to the file of the AO for fresh consdieration and assessee may be given an opportunity to canvass his case before the AO.
On the contrary, Ld. DR has relied upon the orders of the authorities below and requested to dismiss the Appeal of the Assessee.
I have heard both the parties on the issue in dispute and perused the relevant records, especially the orders passed by the revenue authorities. I find consdierable cogency in the assessee’s contention that the AO as well as Ld. CIT(A) has not consdiered all the doucments listed above properly which is against the principle of natural justice. In the interest of justice, I remit back the issues in dispute to the file of the AO to consider the same afresh, under the law, after giving full opportunity to the Assessee. The Assessee is also directed to fully cooperate with the AO and produce all the documents before him to substantiate his claim. The assessee is also directed not to take unnecessary adjourment in the matter.