Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 611 - AT - Income TaxGenuineness of amounts payable to land owners - Revenue contended that this claim was later on made by the assessee only after it was found that the claim of deduction u/s 80IB initially raised by the assessee was not sustainable in law - whereas assessee contended that land on which flats were constructed was not sold to the assessee company, there was only an agreement to build flats on the land and as per the agreement, the consideration for the ultimate transfer of land was to be paid in progression to the sale proceeds of the flats constructed by the assessee - Held that:- Arguments of assessee are relevant in determining the nature of transactions. It is also to be seen that as per the agreement the land owner had a fifty per cent share in the profits of the project. These matters have not been considered by the Ao. The CIT(Appeals), even though might have appreciated these facts, have not brought out the same in his order. Since both the authorities have discussed only half truth, hence matter is remitted back to the file of the AO Dis-allowance u/s 40(a)(ia) - non-deduction of TDS u/s 194C - Held that:- Both the authorities have not examined whether such services were required in the business carried on by the assessee. Matter remitted back to the Assessing Officer for fresh consideration of the issues.
|