Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (12) TMI 1066 - HC - Income TaxApplication of mind by Tribunal - Amount received as part payment of consideration for sale or flat or not - Whether the Authorities below erred in law to utterly ignore the well-evidenced fact that during the AY 2000-2001, the appellant had received a sum of ₹ 2,90,000/- towards part payment of consideration for the sale of his flat – Held that:- There is no application of mind by the authorities below on the aspect that a sum of ₹ 2,90,000/- was in fact received by the assessee in the financial year ending on 31/3/2000 towards part of the consideration for the sale of the old flat by minutely examining the effect thereof while passing the orders - The authorities have failed to examine the aspect, and as such, they were not justified to come to the conclusion that the addition of ₹ 2,66,000/- is to be effected - revenue was unable to point out that the material pointed out by Shri Usgaonkar – thus, the matter is to be remitted back to the Tribunal for fresh decision – Decided in favour of assessee.
|