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2015 (1) TMI 557 - AT - Income TaxCommission / brokerage towards sale proceeds paid to the directors - CIT(A) deleted the addition - Held that:- Ld. CIT(A) has misdirected himself in allowing the relief by simply observing that there is no bar for any person to act as a property broker. He has totally missed the fact that the persons who got commission were executive directors of the company who we al ready in receipt of the salary and were duty bound to per form the functions which were assigned to them with the remuneration paid to them. Therefore, we set aside his order and restore that of Assessing Officer - Decided against assessee. Long Term capital Gain - assessee adopting the value of industrial Plot at ₹ 138 Per sq. yard instead of ₹ 600 Per sq. yard adopted by the assessee company on the basis of valuation report of the approved Registered valuer of the Income Tax department - CIT(A) deleted the addition - Held that:- Assessee has filed the valuation report from a registered valuer. However, the Assessing Officer correctly pointed out the defect that no year was mentioned against the current year. Moreover, nowhere it was mentioned in the valuation report regarding valuation of ₹ 3000/ - per square yard in the cur rent year. Normally in such a situation the matter should have been referred to the valuation cell but Assessing Officer has referred the mater to the PSIDC which is a government agency responsible for allotting the industrial plots in Mohali area where the plot of the assessee was also located. Agency itself has allotted a plot of 11245 square yard on 22.7.1981 @ ₹ 46/ - per square yard the value which was required to be found is on 1.4.1981 and the plot has been allotted by PSIEC on1 July 1981 and the period comes quite in proximity to the date of 1.4.1981 and therefore, in our opinion the Assessing Officer could have applied this rate easily. The Assessing Officer has been more than reasonable in further increasing this rate by three times to as certain the market value, therefore, the valuation as adopted by Assessing Officer seems to be correct. Therefore, we set aside the order of Ld. CIT(A) and restore that of Assessing Officer - Decided against assessee.
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