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2020 (4) TMI 12 - AT - Income TaxBenefit of deduction claimed u/s. 54 and 54F - sale of flat and shop - as assessee did not furnish the purchase agreement of the flat and accordingly, the AO disallowed the deductions claimed u/s. 54 - HELD THAT:- Assessee is allowed the benefit of deduction claimed u/s. 54 and 54F of the Act on the basis of the letter of allotment as the assessee has paid substantial amount of consideration to the builder and hence, the addition made by the AO is hereby deleted - See Hill JB Wadia [1993 (3) TMI 7 - BOMBAY HIGH COURT] Addition u/s. 68 - interest in bank statement and pass book - absence of the books of accounts maintained - HELD THAT:- As in case of CIT Vs. Bhaichand H. Gandhi [1982 (2) TMI 28 - BOMBAY HIGH COURT] for the proposition that interest in bank statement and pass book cannot qualify that addition u/s. 68 of the Act. CIT(A) also noted that the assessee has filed unsigned confirmation and also no compliance was made regarding notice u/s. 133(6) of the Act thereafter finally learned CIT(A) held tha AO in this case has not observed or place on record as regards whether the assessee was mandatorily required to maintain books of accounts or not. Having said that and relying on the jurisdictional decision of the High Court, addition made by the AO in the absence of the books of accounts maintained by the assessee be deleted. - Decided in favour of assessee.
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