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2016 (3) TMI 362 - AT - Income TaxCapital assets as per Section 2(14)(iii) - measuring the distance from municipal limit - Held that:- For measuring the distance from municipal limit to the land is by road, not straight line method or crow flight method. Therefore, the impugned land is not capital assets as per Section 2(14)(iii) of the Act. Accordingly, we uphold the order of the ld CIT(A). Addition on account of unexplained cash deposit in the bank - Held that:- CIT(A) has fairly considered the business income of ₹ 85,420/- and allowed the credit of it. It is a fact that no books of account had been maintained by the assessee and sales and purchases were made in cash. The cash flow statement submitted before the Assessing Officer has thoroughly examined by the lower authority. The assessee had self generated evidence for selling the goods in cash and same cannot be verified from the third person. Therefore, we uphold the order of the ld CIT(A).
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