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2019 (10) TMI 435 - AT - Income TaxSale of land - whether exigible to Long Term Capital Gain (LTCG) - whether there is a transfer of property on execution of sale agreement ? - HELD THAT:- We have carefully perused the judgment of the Hon’ble High Court in the case of Harbour View [2018 (12) TMI 213 - KERALA HIGH COURT] was of the view that when vendee is put in possession of property and is in receipt of part payment of sale consideration on execution of sale agreement, there was transfer as per provisions of section 2(47)(v) of the I.T.Act r.w.s. 53A of the T.P.Act, 1882. We hold that the assessee is liable to be taxed for long term capital gain in the current assessment year. It is ordered accordingly. We hold that the assessee is liable to be taxed for long term capital gain in the current assessment year. Addition u/s 41(1) - liability in relation to the sundry creditors is considered as ceased to exist - HELD THAT:- In the impugned order has clearly stated that the liability has seized to exist during the FY 2010-11 itself and the same has been accepted by the appellant during the assessment proceedings. In the above circumstances Assessing Officer was legally correct in assessing a sum u/s 41(1) in the assessment year 2011- 12 Disallowance of depreciation - block of assets whose WDV is NIL- HELD THAT:- AO has worked out the short term capital loss and the same has been allowed u/s 50 of the I.T.Act. As a result, the Written Down Value (WDV) for the block of assets consisting of plant and machinery and building became NIL. Therefore, the disallowance of claim of depreciation of this block of assets, whose WDV is NIL is correct and hence the addition is confirmed. Disallowance of Commission expenses - HELD THAT:- The assessee has not produced any evidence to show that it has incurred any commission expenditure during the relevant assessment year. Hence, we hold that the Assessing Officer has correctly disallowed the claim of commission payment. Appeal filled by assessee dismissed.
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