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2018 (9) TMI 282 - ITAT KOLKATADeduction u/s 54 - non adherence to primary condition for making a claim - Held that:- The primary condition of having purchased a residential house within two years or constructed a residential house within three years after the date of sale or transfer of original asset is not satisfied by the assessee in order to claim exemption under section 54. We, therefore, uphold the impugned order of the ld. CIT(Appeals) in confirming the disallowance made by the Assessing Officer on account of assessee’s claim for exemption under section 54. - Decided against assessee. Income tax charged by AO wrongly at 30% instead of 20% on the long-term capital gain - Held that:- We direct the Assessing Officer to verify this aspect and allow appropriate relief to the assessee on such verification. Disallowance of promotion expenses - Held that:- A copy of the ledger account of the exhibition expenses shows that the expenditure in question was incurred by the assessee for participating in the exhibitions organized at Chennai, Ahmedabad and Rajkot. In our opinion, although the said expenditure was not fully supported by the relevant supporting documentary evidence as pointed out by the authorities below making it unverifiable, the same cannot be entirely disallowed keeping in view the nature of the assessee’s business and it would be fair and reasonable to disallow the said expenditure to the extent of 50% for the unverifiable element involved therein. We, accordingly, modify the impugned order of the ld. CIT(Appeals) on this issue and restrict the disallowance of ₹ 46,994/- made out of promotion expenses to ₹ 23,497/- - Decided partly in favour of assessee
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