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2017 (10) TMI 482 - AT - Income TaxAddition u/s 68 - explanation about the nature and source of receipt - Held that:- A perusal of record would show that the assessee miserably failed to submit any details with respect to ₹ 11 lakhs received from Jayaben Balkrishna Oza. The assessee had developed a story that this amount was taken as an advance for sale of flat at Shefali Apartment, but he failed to demonstrate execution of any sale deed to legal heirs of Jayaben Balkrishna Oza. He failed to demonstrate refund of this amount to L/R of Smt. Jyababen Balkrishna Oza. The ld.CIT(A) has considered all these aspects in the finding extracted supra. After going through well reasoned finding of the ld.CIT(A) we do not see any error in it. Accordingly, this ground of appeal is rejected against assessee. Short term capital gain accrued to the assessee on sale of a land - year of taxability - Held that:- We find that this amount of ₹ 62.35 lakhs is taxable in the hands of the assessee. It is also pertinent to observe that it is taxable in the Asstt.Year 2010-11. The assessee has tried to withhold information about taxability of this amount in the Asstt.Year 2010-11 by offering this amount as business profit, which is not appreciable step at the end of the assessee. Considering these details and exercising power contemplated under section 153(6)(i) r.w. Explanation 2(a) of the Income Tax Act, 1961, we direct the AO to assess short term capital gain at ₹ 62,34,953/- in the Asstt.Year 2010-11. With the above directions, we reject this ground of appeal of the assessee.
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