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2019 (4) TMI 1656 - ITAT KOLKATAValuation of closing stock of unsold flats - Taxable income of the assessee by arbitrarily increasing the valuations of closing stocks of the unsold flats of the two Buildings - renovation expenses not included at the time of determining the values of the unsold portions of the said two buildings i.e. at the time of arriving at the values of Closing Stock of the said two buildings - HELD THAT:- We note that the renovation expenses in respect of property at 157, Rabindra Sarani and 159, Rabindra Sarani were borne exclusively in respect of the areas sold. The assessing officer has failed to bring any cogent evidence on record to show that these expenses were not borne exclusively in respect of the areas sold. Hence, the assessee, OPFPL has applied renovation expenses incurred of ₹ 37,29,731/- and ₹ 23,52,484/- for the sold flats of the two buildings to determine surpluses from the sale of flats of the said two buildings. Based on this factual position we allow the ground No.1 raised by the assessee. TDS u/s 194C - Addition u/s 40(a)(ia) - purchases and purchase of gift items - assessee has fairly agreed that assessee has not submitted purchase bills and other required documents to prove the bona file of purchases - HELD THAT:- As based on the submissions made by the ld. Counsel and ld DR for the Revenue that the deduction of TDS u/s 40a(ia) of the Act and purchases made by the assessee needs to be examined by the Assessing Officer, therefore we are of the view that purchases from M/s Tirupati Mercantile & Trading Co. Ltd and purchases of gift items from M/s G.B. Promoters should be remitted back to the file of the Assessing Officer for his necessary verification. Therefore, we allow this grounds of appeal raised by the assessee for statistical purposes.
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