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2010 (2) TMI 19 - HC - Income TaxAllowance of expenditure when no business activity during the relevant period sale of property to the tenant at lower rate addition u/s 68, cash credit - Held that - that the Assessee carried on business during the Assessment Year 2003-04 as the Assessee did a computer programming job for Fortis Financial Services for which payment had also been received by the Assessee. It had also rendered financial consultancy services by arranging a loan from CitiCorp for Oscar Investment Ltd and had received commission. Therefore expenditures are allowed - that the Assessee could not evict the tenant and as such the Assessee decided to sell the structure to the tenant himself Addition made by AO at ₹ 5,00,000 is deleted and the sum of ₹ 6,000/- indicated by the Assessee as being the sale price of the said shop was acceptable - there was no question of the genuineness of the cash credit and the only point raised by the Revenue was that the Commissioner of Income Tax (Appeals) has admitted additional evidence introduced by the Assessee at the stage of the appeal additions deleted by the CIT(A) and ITAT confirmed.
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