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2017 (12) TMI 667 - AT - Income TaxComputation of capital gain - AO treated the expenses incurred by the assessee on the construction to be bogus - Held that:- The assessing officer or revenue did not brought on record any evidence proving that bills are not genuine or bogus even no confirmation except Axiom Buildwell Pvt. Ltd. was asked for. The assessing officer simply treated the expenses incurred by the assessee on the construction to be bogus. As decided in the case of Daulat Ram Rawatmull [1972 (9) TMI 9 - SUPREME Court] that onus is on the party which alleges that apparent is not real. No cogent material or evidence is brought to our knowledge by the ld. DR which may prove that the expenditure incurred by the assessee were bogus, not only this, we noted from the copy of the balance sheet audited balance sheet of the assessee along with schedule of the fixed assets available at page 67 that the assessee has duly shown the addition in the building at Noida amounting to ₹ 1,06,08,738/-. The assessing officer in correctly mentioned in the assessment order that in the schedule of the fixed assets cost of the building has been shown only at ₹ 6763526/-. Thus we set aside the order of the CIT(A) and delete the addition made by the assessing officer confirmed by the CIT(A) which was just based on the assumption and the presumptions without bringing any evidence on record. - Decided in favour of assessee.
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