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2018 (3) TMI 1524 - AT - Income TaxAddition u/s 68 - amount credited in bank account unexplained - Held that:- Additional amount credited in the bank account in the sum of ₹ 71,00,000/- could not have emanated to the assessee out of some undisclosed sources but rather would have emanated only out of sale proceeds of the property requires to be believed and no addition could be made thereon u/s 68 of the Act, when the assessee had considered the entire sum of ₹ 2,21,00,000/- as sale consideration for the purpose of computation of capital gains. Hence the question nos. 1 & 2 raised above is answered in favour of the assessee. Entitled for deduction towards cost of construction and subject to indexation benefits - Held that:- Assessee having purchased the land in the financial year 1999- 2000 had carried out construction during the financial year 2001-02 which is supported by the registered valuation report . The value as per registered valuation report (enclosed in pages 55 to 76 of the paper book ) is ₹ 64,31,517/-. It is not in dispute that the assessee was a non-resident even during the financial year 2001-02 which is also evident from the fact that the passport was issued to her in London on 2.5.2000. Hence out of her earnings in London, the construction cost could have been met by the assessee. In any case, there is no dispute with regard to the source for cost of construction carried out by the assessee. Hence we hold that the assessee is entitled for deduction towards cost of construction at ₹ 64,31,517/- and subject to indexation benefits. - Decided in favour of assessee. Claim of deduction u/s 54 - Held that:- As we have already held that the assessee having reinvested a sum of ₹ 1,60,16,103/- before 31.3.2009 is entitled for claim of exemption u/s 54 of the Act.- Appeal of assessee allowed.
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