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2010 (5) TMI 575 - AT - Income TaxAddition - Rs. 1.73 crore under the head 'business income' - Addition towards the value of 7,707 sq.ft. representing shops/flats at the rate of Rs. 2,250 per sq.ft. on the basis of statement of Shri Mohan Singhani, one of the continuing partners of the firm - The learned CIT(A) held that this addition was not sustainable on the ground that the income would be assessed in future years depending on the handing over of possession of 7,707 sq.ft. of built up area to the assessee and its subsequent sale. The learned A.R. has filed an application under Rule 27 of the ITAT Rules, 1963 contending that the learned CIT(A) failed to consider the correct valuation and area allocable. In support of his application, the learned A.R. put forth that the first appellate authority had not given any decision on the correct area and the aspect of valuation in view of his decision that income on this account would arise only when property is handed over to the assessee or subsequently sold. It was, therefore, contended that no addition be made in this year on account of the value of shops/flats and in the years of sale by the assessee, the correct area and value be directed to be considered - Appeal is partly allowed
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