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2014 (2) TMI 374 - ITAT MUMBAIAddition on estimated sale from project - Held that:- As per the facts compiled, the total sale consideration Rs.345 lakhs has been correctly disclosed in the audited accounts as on March 31, 2007 - The income stated as per the statement recorded on March 13, 2007, has been approximately 95 lakhs as against returned taxable income at Rs.99 lakhs - The AO has not correctly appreciated the facts while estimating the income by ignoring the audited book - The Ld.CIT(A) is not justified in confirming the impugned addition made by the AO on account of estimated sale profits from the project - Decided in favour of assessee. Disallowance of cost of project - Held that:- The cost of project land was disallowed by the AO on the basis of the sheet of paper "Annexure A" found during the survey which contained the estimated account for the period 14.03.2006 to 31.03.2007 and as on the date of survey, the accounts are not complete - The authorities are not justified to make/confirm the disallowance on the false presumption based on the said sheet of paper found during the survey when the assessee is entitled for deducting the cost of acquisition the project land - Decided in favour of assessee.
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