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2014 (4) TMI 441 - AT - Income TaxUnexplained investment in jewellary – Held that:- The amount of Rs.4,94,900 forms part of the amount of Rs.10,51,295/- declared by the assessee towards unexplained investment in jewellery for assessment year 2008-09 - jewellery worth Rs.4,94,900/- was acquired during the financial year 2006-07 relevant to the assessment year - This factual position has not been controverted by the assessee – thus, there is no infirmity in the direction of the CIT (A) in reducing the amount from the income assessed in the assessment year 2008-09 and assess it for the year under dispute – Decided against Assessee. Determination of sale consideration received in kind – Held that:- Neither the AO nor the CIT (A) has brought any material on record to show that the actual market value of the plots in question is either at Rs.1000/- per sq. yard or at Rs.800 per sq. yard - No comparable instances of sale of plots in the same locality or nearby locality has been brought on record - purely on guess work and presumptions, the value of the plots cannot be fixed either at Rs.1000 or Rs.800/- per sq. yard - At least the value adopted by the assessee at Rs.350/- per sq. yard is on the basis of SRO’s rate - the value of Rs.800 per sq. yard adopted by the CIT (A) cannot be accepted – thus, the AO is directed to accept the value disclosed by the assessee of Rs.12,54,050/- at the rate of Rs.350 per sq. yard - the amount of Rs.12,54,050/- should be considered as the cost of acquisition while computing the capital gains when the assessee actually sells the land in future – Decided in favour of Assessee.
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