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2018 (10) TMI 177 - AT - Income TaxDisallowance of commodity loss - Held that:- As gone through the order of the ld CIT(A) and don’t see any infirmity in his findings whereby he has disallowed setting off of the loss on commodity derivates being speculative transaction against the normal business income in accordance with provisions of Section 73 of the Act. We donot agree with the contentions of the AR that the present transaction is covered by clause (d) of section 43(5) given that clause (e) which talks about trading in commodity derivative an an eligible transaction was brought on the statue books by the Finance Act 2013 w.e.f 1.4.2014 and is thus not applicable for the impugned assessment year. In the result, ground of assessee’s appeal is dismissed. Deduction U/s 54 - allowing the deduction in part - assessee filed revision in the quantum of such claim during the course of assessment proceedings- AO has not allowed the said claim holding that what has been purchased is a plot of land and not a residential house, besides other reasons -CIT(A) has however allowed the said claim of the assessee to the extent of purchase consideration and related expenses as per conveyance deed dated 7.6.2012, however he has not allowed the claim of ₹ 30,65,000/- Held that:- The findings of the ld CIT(A) are based on right appreciation of the conveyance deed duly corroborated by the pictures of the constructed rooms as well as domestic electric connection taken in the name of the seller. During the course of hearing, nothing has been brought to our notice to controvert the said findings of the ld CIT(A). Hence, we hereby confirm the said findings of the ld CIT(A) that the property so purchased by the appellant was a residential house eligible for deduction under section 54 of the Act. As far as claim of ₹ 30,05,000 is concerned, nothing has been brought on record which demonstrate that such cost has been incurred towards any refurbishment/renovation of the residential house so purchased.
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