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2014 (2) TMI 788 - ITAT AHMEDABADAddition on account of Long Term Capital Gain on sale of immovable property – Held that:- CIT(A) was of the view that the facts namely that against the deduction u/s 54B, Assessee had only shown new purchase of land - the new asset purchased was a residential land and not an agricultural land and the land that was sold was converted into land for non-agricultural purpose prior to its sale have not been rebutted by the Assessee - the land sold was not an agriculture land nor was the subsequent land which was purchased an agriculture land - the value of land purchased were also less than required for claiming the exemption - no material has been brought on record to controvert the findings of CIT(A) – thus, there is no reason to interfere with the order of CIT(A) – Decided against Assessee. Lump sum addition made on account of Low Household withdrawal – Held that:- The Assessee has submitted that he had made a withdrawal of 62,700/- for meeting the household expenses - A.O. found the withdrawals not commensurate with the requirement of the family and made an addition of Rs. 20,000/- on estimated basis which was also confirmed by CIT(A) - the estimate made by the A.O. was not based on any material on record and is also not supported by any evidence - even the submission of Assessee is also not supported by any evidence – thus, the addition is restricted to 10,000/- as against 20,000/- made by the A.O – Decided partly in favour of Assessee.
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