Facts of the Case : whether the assessee is entitled for deduction u/s. 54F of the 1961 of the Act by making reinvestment in new residential flat , with respect to capital gains arisen on sale of commercial flat used by assessee for clinic on which even depreciation u/s 32 of the 1961 Act was claimed… Read More »
As per the AIR Information, the assessee had executed one transaction of sale of one immovable property at A-34, Sector 30, Noida for Rs.83,70,000/- on 23rd June, 2009 and the Assessing Officer (AO) noted that this transaction had not been reflected in the Return of Income. The assessee was asked to explain the same. It was… Read More »
Held There is no dispute that the notice u/s 148 was issued to the assessee in respect of assessment years, beyond the period of four years from the end of the relevant assessment years as contemplated under the proviso to sub section (1) of Section 151 of the Act, which stipulates that after the expiry… Read More »
Issue Properties were notified by the Government of Kerala for acquisition under the Land Acquisition Act, 1894. After discussion and negotiations with the Government, a sale deed was executed, whereby the properties were sold to Vizhinjam International Seaport Limited for a total consideration of Rs.4,69,13,272. Assessing Officer rejected relief of Section 10(37) of Income Tax Act… Read More »
Issue The Assessing Officer observed that the assessee had purchased gold jewellery worth Rs.34.68 Crores by way of cash in the auction conducted by M/s.Manapuram Finance Ltd. The assessess stated that a group of bidders formed a syndicate and participated in the auction and after successful bidding, money from the prospective purchasers are collected and… Read More »
The assessee has repaid in cash in advance received by it from its customers. We find that the Hon’ble CBDT in Circular No.387 of 6.7.1984 held “receiving advance and repayment of advance is a business transaction. The prohibition contained in section 269SS is confined to loans and deposits only and does not extend to purchase/sale transactions.” ITAT… Read More »
Key points : Gadually the plots were sold to several people and agreements were entered into with many of the buyers for construction of villas. This, therefore, would establish beyond any doubt that though the property was once an agricultural land, its acquisition was for non-agricultural purposes, the assessee did not carry on any agricultural… Read More »
The Hon’ble Supreme Court in the case of CIT Vs. Raja Benoy Kumar Sahas Roy (1957) [32 ITR 466] held that, income derived from some measure of cultivation of land with some expenditure of human skill and labour, renders the profit derived from the ‘product’ agriculture income which would be exempt u/s. 2(1A) of the… Read More »
we find that the penalty was initiated on account of loss claimed by the appellant on sale of assets, even though, that particular block of assets had not been exhausted. We do not find any justification to discard the findings reached by the ld. CIT(A) that the assessee had duly disclosed the loss on sale… Read More »
Issue : The Assessing Officer after going through the balance sheet of the assessee noticed that assessee has shown liability of Rs. 75,82,362/- as payable to M/s. Camy Plant, the assessee was required to furnish the confirmations from the creditors , on Non submission it was treated as cessation of liability u/s. 41(1) of the… Read More »