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2018 (5) TMI 751 - AT - Income TaxAddition u/s 50C - addition on Short Term Capital Gain - Held that:- We find that the property has been sold for ₹ 10.11 Lacs as against stamp duty value of ₹ 11.14 Lacs and differential of the two do not exceed even 10% of the stamp duty valuation. There is nothing on record to suggest that the assessee has received any amount over and above the agreed consideration. Therefore, keeping valuation being subjective matter, the impugned additions were not justified and therefore, stand deleted. Ground No.1 stand allowed. Adhoc disallowance against certain expenditure claimed by the assessee - Held that:- We find that the assessee has claimed aggregate expenditure of ₹ 15.75 Lacs under these head and the disallowance percentage comes to only 6.35%. The same, in our opinion, is quite reasonable keeping in view the fact that the personal element in the same could not be ruled out. Ground No. 2 stand dismissed. TDS credit - Credit for tax deducted at source for the purposes of section 199 - relevant AY - Held that:- The credit of tax deducted at source was to be given for the AY for which such income was assessable. We find that there are two lines of thoughts on the issue – one which favors grant of full TDS credit in the year of deduction itself and the other which, following strict interpretation, allows TDS credit in AY in which the income has actually been assessed/offered to tax.
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