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 →

M/s. Neptune Realty Pvt. Ltd. Versus Deputy Commissioner of Income-tax, Central Circle-1, Vadodara

2016 (5) TMI 235 - ITAT AHMEDABAD

Unaccounted receipts - on-money received - Held that:- There is nothing on record to suggest that any material was found during the course of search evidencing on-money received for other bungalows. In such situation, the extrapolation method cannot be applied to the receipts of other bungalows. Further, the Assessing Officer was not justified in estimating the profit on "on money" receipts @ 25 %. This 25% estimation of profit on on-money receipts is purely on the basis of assumptions, surmises .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

uestion is directed to be deleted. - Decided in favour of assessee - ITA No. 2918/Ahd/2011 - Dated:- 19-2-2016 - Shri Shailendra K. Yadav, Judicial Member And Shri N. K. Billaiya, Accountant Member For the Petitioner : Shri Milin Mehta, AR For the Respondent : Shri R.I Patel, CIT-DR ORDER Per Shailendra K. Yadav, Judicial Member This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-IV, Ahmedabad dated 05.09.2011 for Assessment Year 2009-10, 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

e of search based on which the AO has computed the amount of on money. 3. The learned Commissioner of Income Tax (Appeals) erred in fact and in law in confirming the action of the AO in estimating the profit on "on money" receipts @ 25 % purely on the basis of assumptions, surmises and conjectures. 4. The learned Commissioner of Income Tax (Appeals) erred in fact and in law in confirming the action of AO in making the addition of ₹ 20,33,000 to the total income of the Appellant b .....

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 Act. 9. Your Appellant craves the right to add to or alter, amend, substitute, delete or modify all or any of the above grounds of appeal. 2. The brief facts of the case are that the assessee is engaged in the business of construction and development in the field of real estate. The assessee has developed a housing project named "Greenwood" in the city of Baroda. The said project comprises of 26 Bungalows and the entire project consists of high end residential units. A search u/s 132 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

akhs and, thereafter, estimated the profits @ 25% of the on-money receipts which came to ₹ 3,20,33,000/-. Since the assessee has already disclosed an amount of ₹ 300 lakhs on account of onmoney receipts in respect of Greenwood Project, a net addition of ₹ 20,33,000/- was made by the Assessing Officer to the total income of the assessee, which was confirmed by the CIT(A) in appeal. 2.1 In this regard, the stand of the assessee before us was that the Assessing Officer was not jus .....

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 Revenue Authorities were not justified in making the addition of ₹ 20,33,000/- to the total income of the assessee by estimating the profits @ 25% on on-money receipts while the assessee has disclosed an amount of ₹ 300 lakhs on account of on-money receipts in respect of Greenwood Project. He accordingly pleaded that the addition in question may be deleted. On the other hand, ld. Departmental Representative supported the order of the authorities below. 2.2 After going through the r .....

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