Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 724 - AT - Income TaxLong term capital gain – Purchase and sale of Property - whether for making profits or to use it for Residential purposes - Held that:- It is a residential house, which is a subject matter of long term capital gain u/s 54 and it is any other asset which is not a residential house which is a matter of capital gain u/s 54. There is no finding of the AO that the assessee has claimed exemption u/s 54F. It is also undisputed that the assessee was the owner of residential house/flat at Delhi at Vasant Kunj which was sold during the impugned year and capital gain was earned by the assessee which was invested by purchase of a residential house at Amritsar. These facts are coming in the order of the CIT(A) itself and as per statement of total income of the assessee it will be interest of justice, if the matter is setaside to the file of the CIT(A) who after considering the provision of section 54 instead the provisions of section 54F will decide the issue afresh. Trading addition being difference between sundry debtors and the sales – Held that:- Books of account of the assessee have not been rejected. The assessee having filed all the copies of account of trade creditors as confirmed by the AO by issuing notice u/s 133(6) therefore, the genuineness of the trade creditors cannot be doubted - ground raised by revenue dismissed Addition due to inadequate household withdrawals – Held that:- Assessee was living in a joint family and A.O. has not considered the withdrawals made by other members of the family, which were on record CIT(A) after considering the submissions of the assessee deleted the addition made by the AO on account of household withdrawals - CIT(A) rightly deleted the addition.
|