Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 755 - AT - Income TaxCash received for booking/sale of land from identified parties or not - Held that:- AO as well as CIT(A) examined the record and found that the entries appearing in the names of Shri Abrar Ahmed, Saagir Ahmed and Mugahid Sahid were also made available before the AO on 6.3.2009 and 17.12.2009 - The amounts represent the payment made to the persons towards purchase of land and duly recorded in the books of the assessee – there was no infirmity in the conclusion drawn by the CIT(A) – Decided against Revenue. Receipt of cash on different dates – Held that:- CIT(A) has examined the record and the facts that Mr. Sujoy Mukherjee in the proprietor of M/s S. M. Financial & Management Services - It was brought to the notice by the assessee that the assessee made the surrender at the time of survey and offered for taxation - The surrendered was made on account of unaccounted cash received as well as profit on the same - The claim of the assessee is that the surrendered amount includes entire unaccounted cash receipts of ₹ 1,75,60,980/- and also estimated profit of ₹ 64,94,020/- and thus, total surrendered amount is ₹ 2,40,55,000 - AO was rightly directed to delete the addition of ₹ 22 lacs made on the basis of entries – Decided against Revenue.
|