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2016 (8) TMI 1132 - AT - Income TaxAssessment u/s 153A - Held that:- As in AY 2009-10 original return u/s 139(1) was filed on 30.09.2009 time limit for issue of notice u/s.143(2) was expired 30.09.2010. Search took place on 10.01.2011. It is clear from the above dates that assessment for AY 2009-10 was not pending as on the date of search. Furthermore no incrementing material was found during the course of search warranting the addition of ₹ 75,600/- made on account of notional interest. Following the propositions discussed herein above we do not find any merit in the action of AO for making addition in respect of completed assessments, without any incrementing material found during course of search. In the net result, the appeal filed by the assessee for A.Y.2008-09 & 2009- 2010 are allowed. Addition on account of notional rent - Held that:- We found that in the A.Y. 2009-10 AO has made addition of notional rent by taking estimated rental value of shop at Nalasopara at ₹ 3,000/- per month. As the value has been taken by AO in the AY 2009-10 at ₹ 3,000 per month, it would be reasonable to take value at 10% higher in the A.Y.2010-2011. Accordingly we direct the AO to make addition on account of estimated value of shop at Nalashopara by taking the value at ₹ 3,300/- per month. We direct accordingly.
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