Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 1351 - AT - Income TaxAddition on account of Profit on Sale of office premises as Short Term Capital Gain - Held that:- The assessee has brought on record affidavit of Mr. Vinod Shankar More, Peon stating that the files have been transferred by him to the afore-stated office premises i.e. shop No. 8(A), Plot No. 260, Sector 10, Kharghar, Navi Mumbai during the previous year and the asset was put to use. The A.O. wanted to verify the said contentions of the assessee and accordingly issued summons to said Sh. Vinod Shankar More,Peon to appear before him , but the said person Sh. Vinod Shankar More did not appeared before the AO and also could not be produced by the assessee before the A.O. No evidence has been brought on record that the assessee has put the said office premises to use prior to end of the financial year, hence, we reject the contentions of the assessee. With respect to the finding of the ld. CIT(A) that the assessee has added ₹ 16,27,010/- to the block of assets which are in the nature of repairs, this is a new claim made by the assessee before the learned CIT(A) which was never claimed before the A.O. during assessment proceedings. In fact no application u/r 46A of Income Tax Rules, 1962 has been filed before the learned CIT(A) with respect to said claim of ₹ 16,27,010/-. The assessee has only stated that they were repairs by nature and the learned CIT(A) rejected the contentions of the assessee for inclusion of ₹ 16,27,010/- to the block of asset, and hence short term capital gain of ₹ 9,25,880/- was brought to tax by the ld. CIT(A) while the assessee has contended that the same being the payment of stamp duty for purchase of office, this has to be further enquired and verified by the authorities below and finding of the facts has to be recorded by the A.O. on merits after due enquiry /verifications for which we deem it fit and proper to set aside and restore this issue back to the file of the A.O. for necessary verification and enquiry so that the AO can record his finding of fact. Needless to say proper and adequate opportunity of hearing shall be provided by the AO to the assessee in accordance with the principles of natural justice and in accordance with law. We also direct the A.O. to compute the short term capital gain , if any chargeable on the sale of office premises No. 605, 6th Floor, Maithili's Signet, Plot No.39/4, Sector-30A, Vashi, Navi Mumbai being depreciable asset in accordance with provisions and scheme of Act in accordance with the directions as contained in this order.
|