Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 810 - AT - Income TaxAssessment u/s 153A - non disclosure of portion of taxable income - Held that:- A notice u/s.153A of the Act can be issued in the cases where action u/s.132 is carried out. As far as additions are concerned same can be made on the basis of some seized material. But he case before us is unique as the assessee herself has admitted that by mistake she had not disclosed a portion of her taxable income. It was never argued by the assessee that she had not earned income from cancellation of booking of a flat. So in our opinion, she cannot raise any objection about the taxability of transactions in question. If we consider the peculiar facts of the case it becomes clear that after the assessee admitted the inadvertent mistake he AO accepted her claim in principle. In light of the peculiar facts and circumstances of the case decide the jurisdictional issue against the assessee. Addition on account of compensation arising from surrender of allotment of flats - whether it is in nature of capital gain? - Transfer u/s 2(47) - Held that:- The income arising out of surrendering the flat to the builder had to be taxed under the head capital gains and not under the head income from other sources. Considering the period of holding of the asset he assessee is entitled to benefit of indexation and the disputed amount is to be taxed as long-term capital gain. See CIT Versus Vijay Kumar Ajit Kumar Vijay Flexible Containers [1989 (9) TMI 16 - BOMBAY High Court]. Second effective ground of appeal is decided in favour of the assessee.
|