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2015 (9) TMI 491 - AT - Income TaxUnaccounted investments in purchase of properties - purchase price of the property invested in item No.2. - Held that:- Sale consideration shown at transaction mentioned at Sl No 2 of ₹ 8,92,000/- is the total of the transactions mentioned at Sl No.2 of ₹ 8.92,000/- is the total of the transactions mentioned at Sl.Nos.1 & 3 (i.e.Rs 6,90,000 + ₹ 2,02,000). Thus, there is a duplication of the amounts considered by the Assessing Officer in his order to the extent of ₹ 3,90,000/- (i e ₹ 1,90,000+ ₹ 2,00,000) shown in the transaction mentioned at Sl No. 1, which finally culminated in the transaction mentioned at Sl No 2. Therefore the unexplained investments in the properties computed by the Assessing Officer are excess by ₹ 3,90,000/- which needs to be deleted. The issue has been considered by the Ld. CIT (A) in detail and an amount of ₹ 3,90,000/-is deleted. Before me, no further materials were produced in order to justify the claim of the assessee. - Decided against assessee. Non-consideration of the opening cash balance - assessee has claimed an amount of ₹ 2,88,000/- as the opening cash available with him for making the investment rejected by AO - Held that:- We do not subscribe to view of the Revenue. Any individual will definitely have some accumulated amount with him especially when such individuals are in business earning income year after year. Considering the financial status of the assessee, the amount claimed by the assessee appears to be reasonable. Therefore, hereby direct the Revenue to treat ₹ 2,88,000/- as the genuine source available with him for making the investments and the same should not be treated as undisclosed income.- Decided in favour of assessee. Agricultural income - assessee has claimed ₹ 2,50,000/- as his agricultural income from the extent of 6.73 acres agricultural land in Tuticorin District, which was available with him for making the investments - CIT (A) accepted ₹ 1,50,000/- and disallowed the balance - Held that:- The claim of the assessee appears to be reasonable because on an acre of land agricultural income of ₹ 30,000 to ₹ 40,000 per annum can be rationally estimated.- Decided in favour of assessee.
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