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2015 (12) TMI 609 - ITAT AHMEDABAD

2015 (12) TMI 609 - ITAT AHMEDABAD - TMI - Disallowance of deduction u/s 54EC - as per certificate issued by Rural Electrification Corporation Limited (RECL) the deposit was beyond the prescribed period - CIT(A) deleted the addition as the deposit was made by the assessee within the prescribed time and delay was on account of issue of bond by the RECL - Held that:- We entirely agree with the order of the CIT(A). Admittedly, the assessee deposited the money in time with the REC Ltd. However, it w .....

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at:- Withdrawal of ₹ 10,000/- per month for house-hold expenditure cannot be said to be adequate or reasonable withdrawal, though the estimate by the Assessing Officer at ₹ 1,00,000/- per month is also excessive. In our opinion, it would meet the ends of justice if the house-hold expenditure is estimated at ₹ 25,000/- per month, i.e., ₹ 3,00,000/- per annum. Therefore, after considering the withdrawal of ₹ 1,20,000/- per month, the addition is sustained at ₹ 1 .....

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e order of the CIT(A) in this regard and sustain the addition of ₹ 1,80,000/- for low withdrawal of house-hold expenditure. - Decided in favour of revenue in part

Addition on account of difference of the amount of sale consideration in respect of sale of land by the assessee - CIT(A) deleted the addition - Held that:-As per section 48, capital gain is to be computed on the full value of the consideration received or accrued as a result of transfer of the capital asset. Admittedl .....

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- ITA No. 1757/Ahd/2011 - Dated:- 14-8-2015 - SHRI G.D. AGRAWAL, VICE PRESIDENT AND SHRI S. S. GODARA, JUDICIAL MEMBER For The Revenue : Shri Dinesh Singh, Sr. D.R. For The Assessee : Shri M.K. Patel, A.R. ORDER PER G.D. AGRAWAL, VICE PRESIDENT: This appeal by the Revenue is directed against the order of the Learned Commissioner of Income-Tax (Appeals), Valsad dated 31.03.2011 for Assessment Year 2008-09. 2. The first ground of the Revenue s appeal reads as under:- 1. On the facts and circumstan .....

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s contention on the ground that the deposit was made by the assessee within the prescribed time and delay was on account of issue of bond by the RECL. The relevant finding of the CIT(A) reads as under:- 5. DECISION: I have perused the facts of the case and the submission made before me by the appellant. The small point here to be decided is what should be the date of investment for the purpose of Sec. 54EC i.e whether the date on which the payment was made and received by the REC Limited or the .....

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vestment by the assessee must be regarded as the date on which payment was made and received by the National Housing Bank. This was within a period of six months from the date of transfer of the assets. I have carefully considered the facts of the instant case and the ratio of the judgment of the said Bombay HC. There is no dispute that the cheques were issued on 03.01.2008 and debited in the appellant s a/c on 04.01.2008. This was within a period of six months from the date of transfer of the a .....

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time to issue the certificate of the bond. The responsibility of the assessee is to make investment with REC Ltd within time, which was admittedly made. The assessee has no control over the issue of the certificate by the REC Ltd. In view of above, we do not find any justification to interfere with the order of the CIT(A) in this regard and the same is sustained. 5. Ground No.2 of the Revenue s appeal reads as under:- 2. On the facts and circumstances of the case and in law, the learned CIT(A) .....

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have heard both the parties and perused the material placed before us. Considering the facts of the case and arguments of both the sides, withdrawal of ₹ 10,000/- per month for house-hold expenditure cannot be said to be adequate or reasonable withdrawal, though the estimate by the Assessing Officer at ₹ 1,00,000/- per month is also excessive. In our opinion, it would meet the ends of justice if the house-hold expenditure is estimated at ₹ 25,000/- per month, i.e., ₹ 3,00 .....

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sessment of the earlier year was completed u/s 143(3) and in that assessment the issue of reasonableness or otherwise of the withdrawal for house-hold expenditure was considered. Therefore, in our opinion, there was no res adjudicata for the Assessing Officer for considering the reasonableness for the house-hold expenditure in this year. It was also contended by the ld. Counsel that the Assessing Officer made the addition merely on the basis of estimate. In our opinion, when no day to day detail .....

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