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2018 (7) TMI 585 - AT - Income TaxIncome from other sources - transaction of sale of furniture - sale of personal effects under section 2(14)(ii) - sale consideration of the property at Mohan Garden included an amount towards sale of furniture available in the house at the time of sale of property - Held that:- Contention of the Assessee is not acceptable because the personal effects would not be included in the capital asset under section 2(14)(ii) of the I.T. Act. Therefore, it shall have to be considered under the residuary clause “Income from other sources”. CIT(A) noted that since the value of the house hold items i.e., Sofa etc., which were genuinely found to be at ₹ 3 lakhs only as against the inflated amount of ₹ 10 lakhs, therefore, ₹ 7 lakhs shall have to be considered as income from other sources. Since the transaction of sale of furniture etc., was sham and to inflate the value of the furniture etc., to evade stamp duty and evade long term capital gains, therefore, no benefit could be given to assessee on such agreement to sale. The assessee is not able to explain as to for what consideration ₹ 7 lakhs have been received by assessee, therefore, it was correctly treated as income from other sources. - Decided against assessee
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