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 →

B. Pullam Raju (HUF) , Kakinada Versus Addl. CIT, Range-4, Visakhapatnam

Claim of exemption u/s 54F - denial of claim as on the date of sale, the assessee owned more than one residential house and as per section 54F(1)(ii&iii) of the Act the assessee is not eligible for exemption - Held that:- On perusal of the confirmation letter issued by the builder, we find that the confirmation letter dated 20.2.2011 issued by the builder states that the assessee has paid advance towards purchase of two residential flats. The subsequent confirmation letter dated 11.11.2011 issue .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

by the builder, it was noticed that the assessee has paid an amount of ₹ 29 lakhs towards flat no.401 and ₹ 25 lakhs towards flat no.502. As per said ledger accounts, the total cost including registration and additional works incurred for the flat is ₹ 29 lakhs for flat no.401 & ₹ 25 lakhs for flat no.502. As against this, the assessee has claimed exemption of ₹ 35 lakhs for flat no.401 & ₹ 29 lakhs for flat no.502. The additional amount of ₹ 10 lakhs st .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

,515/- only has been incurred and this additional amount of ₹ 10 lakhs claimed by the assessee is not mentioned. The CIT(A) considering the details furnished by the assessee, denied the benefit of exemption u/s 54F of the Act. We do not see any error or infirmity in the order passed by the CIT(A). - Decided against assessee - I.T.A.No.678/Vizag/2013 - Dated:- 18-3-2016 - SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER For The Appellant : Shri G.V.N. Hari, AR Fo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ossible to file the appeal within the time allowed under the Act. The A.R. further submitted that the assessee has filed an affidavit stating the reasons for delay in filing the appeal. Therefore, requested to condone the marginal delay of 5 days in filing the appeal. On the other hand, the Ld. D.R. did not raise any objections. Having considered the rival submissions and also perusal of the affidavit filed by the assessee, we find that the delay of 5 days in filing the appeal is neither intenti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rutiny under CASS and accordingly, notices u/s 143(2) and 142(1) of the Income Tax Act, 1961 (hereinafter called as 'the Act') were issued. In response to the notices, the authorized representative of the assessee appeared from time to time and furnished the books of accounts and other details called for. During the course of assessment proceedings, the Assessing Officer noticed that the assessee has sold two properties and claimed exemption u/s 54 and 54F of the Act for reinvestments in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tal gain as per the law and claimed exemption u/s 54 of the Act towards sale of residential house property and purchase of another residential house property. Similarly, it has claimed exemption u/s 54F of the Act, for sale of long term capital asset other than residential house property and reinvested the proceeds in purchase of residential house property. The Assessing Officer after considering the submissions made by the assessee, allowed exemption u/s 54 of the Act towards sale of residentia .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e is not eligible for exemption. 4. Aggrieved by this assessment order, the assessee preferred an appeal before the CIT(A). Before the CIT(A), the assessee reiterated its submissions made before the Assessing Officer. The assessee further submitted that the Assessing Officer was erred in not allowing the exemption u/s 54F of the Act. The assessee further submitted that as regards the amount spent towards additional work for the properties purchased at Bangalore, the builder has issued a confirma .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

owing the amount spent towards additional work done for the two flats at Bangalore. While doing so, the CIT(A) held that the confirmation letter filed by the assessee dated 20.2.2011 is vague, as the builder did not specify the nature of work done for the flats. The CIT(A) further held that on perusal of the confirmation letter issued by the builder, it was simply stated that the assessee has paid advance of ₹ 10 lakhs towards purchase of residential flats 401 & 502. In the absence of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

that he has carried out additional works for the two flats, therefore, Assessing Officer and CIT(A) was not correct in denying the benefit of exemption for ₹ 10 lakhs u/s 54F of the Act. On the other hand, the Ld. D.R. strongly supported the order of CIT(A). 6. We have heard both the parties, perused the materials available on record and gone through the orders of the authorities below. The Assessing Officer disallowed the claim of exemption u/s 54F of the Act for ₹ 10 lakhs, on the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and the builder confirmed having spent ₹ 10 lakhs towards additional works carried out in the flats. We have gone through paper book containing sale deed copies of the flats purchased and confirmation letter obtained from the builder. On perusal of the confirmation letter issued by the builder, we find that the confirmation letter dated 20.2.2011 issued by the builder states that the assessee has paid advance towards purchase of two residential flats. The subsequent confirmation letter dat .....

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
  ↓     Latest Happenings     ↓  

Forum: GST Invoice

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Article: RCM Applicability to persons not liable to get registered us 23(1)

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: Notification Issued For GST Actionable Claim On Branded Food Products

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.



|| 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