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2014 (1) TMI 124 - ITAT MUMBAIEstimation of income @ 10% of total sale consideration – Held that:- The ld. CIT(A) observed that there was no evidence to show that the notice dated 13.11.09 was ever served by the AO upon the assessee - He further observed that the AO estimated the 10% profit on the sale consideration without any valid basis - He further observed that the AO had not indicated in the assessment order anything, as to why, the books of account of the assessee were not reliable or that there was any defect in the books of accounts, which were well audited and the audit report was submitted along with the return of income - The onus was on the AO to prove that the assessee had earned more income than that was shown in the books of accounts. Tax not deducted at source on expenses of brokerage and legal and professional fees – Held that:- The TDS was duly made by the assessee relating to brokerage fees and no TDS was deductable on the amount paid as professional fees as the amount paid was below the prescribed limit. Property tax paid – Held that:- The AO had wrongly disallowed the genuine expenditure of property tax paid by the assessee to the local authority - The same was paid through account payee cheques and further it was reflected in the books of account of the assessee – Decided against Revenue.
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