Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 70 - AT - Income TaxDisallowance of claim of deduction u/s 54F - transactions done by Shri Ram Gopal Bansal as a Karta of the HUF OR in his individual capacity - Held that:- The assessee has been consistent in its approach in terms of treatment and disclosure of the purchase and sale and subsequent purchase of the properties. It so happened that in the agreements, the name of Shri Ram Gopal Bansal has been mentioned wherein all the relevant facts taken together leads to the conclusion that all these transactions have been effectively done by Shri Ram Gopal Bansal as a Karta of the HUF and not in his individual capacity. In the instant case whether the sale consideration has been brought to tax in hands of Ram Gopal Bansal HUF, the subsequent claim of relief u/s 54 should have been allowed to the assessee knowing fully well that both the original purchase/sale agreements and subsequent purchase agreement, the name has been mentioned as Ram Gopal Bansal and not Shri Ram Gopal Bansal HUF. In the instant case, if it’s the case of the Revenue that capital gains on sale of the property is liable for taxation in hands of assessee HUF even though the sale agreement talks about the individual, in our view, the Revenue should equally allow the relief from such taxation where the assessee fulfills all required conditions except that the name in the purchase agreement is that of individual and not assessee HUF. It t is not in dispute that the sale consideration has been deposited in the bank account of Ram Gopal Bansal HUF and the same has been utilized for purchase of plot of land and the construction of house thereon by utilizing the funds withdrawn from the bank account of Shri Ram Gopal Bansal HUF. The said facts is clearly apparent from the statement recorded by the AO of Shri Ram Gopal Bansal during the course of assessment proceedings which has been totally ignored by the lower authorities. Thus the assessee should be eligible to claim the necessary relief u/s 54 of the Act in respect of investment in plot of land and subsequent construction of house thereon. - Decided in favour of assessee Addition on account of excess cash deposit over the cash withdrawal in the account maintained by the assessee - Held that:- It is noted that the bank statement of both the bank a/cs maintained by the assessee which includes the opening and closing balances were available with the AO. Secondly the details of the agricultural income were also apparent from the return filed by the assessee. Keeping in view the factual position and explanation of the assessee, we hereby delete the addition in the hands of the assessee. - Decided in favour of assessee Income from other sources as against agricultural income - Held that:- As per the ld. CIT(A) no independent evidence is filed which may indicate that agriculture income to such extent was derived by the assessee. The case of the assessee is that the land was irrigated and capable of giving yield which was supported by copy of Kasra Girdhawari and Jamabandi as well as sale contract notes. Further it is noted that in the past the assessee has been consistently showing the agriculture income. Keeping the entirely of the facts and circumstances of the case, income is hereby directed to be treat as agricultural income and not as income from other sources - Decided in favour of assessee
|