Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Webcity Builders And Developers P. Ltd. Versus ACIT, Circle-18 (1) , New Delhi

2015 (10) TMI 1598 - ITAT DELHI

Disallowance u/s 40A(3) - Held that:- The total cost of purchases of the land + the amount incurred for stamp duty recorded in page 5 of the assessment order, is the opening stock for the impugned AY. As the issue before us is the disallowance u/s 40A(3) of the Act and as the assessee has not claimed any expenditure during the year, the question of upholding disallowance u/s 40A(3) of the Act does not arise. - Decided in favour of assessee.

Computation of loss on sale of land - Held t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

69,21,360/-. The reason given by the AO for such deduction is vague and devoid of merit. - Decided against revenue. - ITA No. 3483/Del/2012, ITA No. 412/Del/2011, ITA No. 816/Del/2011 - Dated:- 1-6-2015 - H. S. Sidhu, JM And J. Sudhakar Reddy, AM,JJ. For the Appellant : Shri Pradeep Dinodia, CA & Shri RK Kapoor, CA For the Respondent Rep by: Shri J P Chandrakar, Sr. DR ORDER Per J. Sudhakar Reddy, AM. ITA 816/Del/2011 and ITA 412/Del/2011 are Cross Appeals directed against the order of the L .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is against deletion made by the First Appellate Authority on account of deduction of purchase cost by the AO from that claimed by the assessee. 4. The Revenue appeal is on the issue whether the AO was right in charging notional interest. 5. We have heard Shri Pradeep Dinodia, along with Sh RK Kapoor, the Ld.Counsel for the assessee and Shri J.P.Chandraker, Ld.SR.DR on behalf of the Revenue. 6. We first take up the Revenue's appeal. 7. On the first issue of S.40A(3) we find that the assessee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s issue. 8. The Ld.DR submitted that the assessee has not furnished particulars of the purchases made, the mode of payment etc. The Ld.Counsel for the assessee submitted that entire purchases were made in the earlier year and the mode of payment was by way of crossed cheque. He also drew attention of the Bench to page 5 of the assessment order to demonstrate that the total cost of purchases of the land + the amount incurred for stamp duty recorded in page 5 of the assessment order, is the openin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

assessee and findings of the AO in the assessment order. Regarding the computation of loss on sale of land, it is seen from the submissions made by the assessee and also from the observations of the AO that the purchase price of land, subject matter of sale, was ₹ 1,88,53,629/-. The AO has disregarded a sum of ₹ 19,32,269/- from the purchase price which represent the amount payable to the consolidator. There is no doubt that the assessee paid full price i.e. ₹ 1,88,53,629/- on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ason given by the AO for such deduction is vague and devoid of merit. Thus we uphold the finding of the First Appellate Authority and dismiss this ground of Revenue. 10. In the result ITA 816/Del/11 is dismissed. 11. Now we take up assessee's appeal. 12. After hearing rival contentions, we are of the considered opinion that notional interest cannot be charged as there is no such provision in the Act. At best the AO would have disallowed interest claimed by the assessee. The Ld.Counsel for th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version