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2016 (5) TMI 847 - AT - Income TaxDeduction u/s. 54B - Held that:- The assessee had merely created his right in the land by entering into an agreement for purchase with M/s. Saldol Industries and obtained power of attorney dated 06-06-2005 in his name. In the balance sheet as on 31-03-2007 the above mentioned land is shown as M/s. Saldol Industries (Advance paid). At the time of sale on 15-02-2008 the assessee transferred the land to the purchaser to M/s. MTC Business Pvt. Ltd. on the basis of the power of attorney. Thus, the intention of the assessee was never to retain the land and use it for agricultural purposes. The ld. Counsel has not been able to rebut the aforesaid findings of the authorities below. Since, there is no sale of any capital asset, there is no question of allowing deduction u/s. 54B of the Act to the assessee. - Decided against assesseegr33222112 Addition u/s 68 - Held that:- The assessee has not been able to explain the amount. Neither the assessee was able to prove the identity of the creditors/lenders nor their creditworthiness. The onus was on the assessee to prove the genuineness, identity and the creditworthiness of the transactions and the creditors. Except for furnishing the name and address of the persons no further details were given by assessee. Thus, the assessee was not able to discharge his onus. The ld. Counsel for the assessee has not been able to controvert the well reasoned and detailed findings of the Commissioner of Income Tax (Appeals) in rejecting the claim of the assessee - Decided against assessee
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