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2017 (10) TMI 993 - AT - Income TaxGain on sale of immovable properties - business income or capital gain - Held that:- The assessee has not filed any Wealth Tax Return, and if filed, not placed on record showing the said plots as investment as per valuation to be made under the wealth tax rules. This goes to prove that the assessee is carrying on the business of purchase and sale of properties and is a property dealer-direct selling agent holding assets as stock in trade and not as investment. Accordingly, find no infirmity in the order of the ld. CIT(A) who has rightly confirmed the action of the Assessing Officer. Ground of the assessee is dismissed. No transfer of assets is involved - Held that:- It is evident from record that the assessee had made investment in shares in two companies and the companies have been closed and it was stated that the name of the company had been struck out under the Companies Act and the shares invested as loss. Therefore, there cannot be any gain to the assessee in this regard and the same cannot be the income of the assessee from any angle. Accordingly, the addition so confirmed by the ld. CIT(A) is directed to be deleted. Ground of the assessee is allowed. Addition being 20% of the various expenses for which no evidence, such as copies of bills, vouchers were furnished - Held that:- No satisfactory reply or cogent explanation was put forth. The ld. CIT(A) confirmed the action of the Assessing Officer. Before here also, no cogent explanation has been put forth under such facts and circumstances of the case. Find no infirmity in the order of the ld. CIT(A) who has rightly confirmed the action of the Assessing Officer. Thus, Ground of assessee dismissed. Addition on account of wage expenses because no bills and vouchers were produced before the Assessing Officer as well as before the ld. CIT(A). Since the assessee has not produced any cogent explanation before any of the authorities below or even before us, ld. CIT(A) has rightly confirmed the action of the Assessing Officer. Ground of assessee dismissed.
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