Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 775 - AT - Income TaxValidity of assessment u/s 153A - downward revision of the cost of acquisition - Held that:- No incriminating material was found in the course of search which could justify downward revision of the cost of acquisition from ₹ 58.52 to ₹ 40 per square metre. Moreover, the findings recorded by the learned Commissioner of Income-tax (Appeals) have not been controverted by the Department. If the very premise on which the addition was made has no legs to stand then the addition had rightly been deleted by the learned Commissioner of Income-tax (Appeals). In the result, ground No. 1 is dismissed. Sale of flats - Held that:- The basis of the addition was the instances found in the case of M/s. R. B. Enterprises. Further, the learned Commissioner of Income-tax (Appeals) has observed that the assessee had also shown that there were instances of sale of flats in the same vicinity which were much lower than shown by the assessee. The learned counsel pointed out that the business model of M/s. R. B. Enterprises is entirely different from the assessee since no evidence had been found in the case of the assessee suggesting receipt of on-money over and above is stated consideration. Therefore, the addition was rightly deleted by the learned Commissioner of Income-tax (Appeals). Sale of plots - valid transfer u/s 2(47) - Held that:- The terms of memorandum of understanding with Aggarwal Associates Ltd. are not at all disputed. Admittedly, the assessee had given right of passage and all kinds of privileges and rights to Aggarwal Associates Ltd. and, therefore, there was constructive transfer in favour of Aggarwal Associates Ltd. We, therefore, do not find any reason to interfere with the order of the learned Commissioner of Income-tax (Appeals) on this count. In the result, the cross-objection filed by the assessee is dismissed.
|