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 →

Smt. Aruna Kommuri Versus Addl. Commissioner of Income Tax, Range-4, Hyderabad

Valuation u/s. 50C - Held that:- AO is correct in invoking the provisions of Section 50C. Assessee either should have objected to the valuation before the SRO or should have objected the valuation before the AO who in turn could have referred it to the Valuation Officer. Since neither of the actions was undertaken by assessee, the provisions of Section 50C are to be applied as such. Eventhough the amount of difference is small; there is no option to the appellate authorities not to ignore the pr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

0 Sq. Ft., without any internal partition walls. Assessee along with her husband has sold 6,185 Sq. Ft., in the first floor along with undivided share of land and the sale documents do indicate that there were partition walls and toilets. Obviously, these could have been incurred by assessee. Even though, no details could be furnished to the satisfaction of AO/CIT(A), the fact cannot be denied that assessee had to incur some expenditure on the partition walls and the toilets, being provided on 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

the property? If so, whether assessee’s husband also owns any property as the submissions made before the AO vide letter dt. 11-12-2015 do indicate that Shri K. Pratap Reddy owns 1/4th share only. It is also stated that the same was accepted in an assessment u/s. 143(3) dt. 31-12-2009. Thus, the submissions by assessee indicates that Shri K. Pratap Reddy holds 1/4th share while assessee owns 1/4th share and her two sons owns the balance share at 1/4th each. Consequently, there are four persons .....

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 also directed to give credit accordingly in the respective hands. - I.T.A. No. 553/HYD/2016 - Dated:- 15-7-2016 - SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER For The Assessee : Shri G. Kalyandas, AR For The Revenue : Shri K.E. Sunil Babu, DR ORDER This is an appeal by assessee against the order of Commissioner of Income Tax (Appeals)-I, Hyderabad, dated 27-01-2016. Assessee has raised five grounds, out of which, Ground No.1 & 5 are general in nature. 2. Briefly stated, assessee is an individu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

llant contends SRO sale value is not a fair market value approved of law. 2.3. Authorities below ought to have noted difference between SRO value and actual sale value works out to 2.67% only which is permitted under law. 3. The issue in this ground is with reference to invoking of Section 50C of the Income Tax Act [Act]. AO has noticed that Sub- Registrar, Valuation mention in the Sale Deed on the property sold by assessee on which capital gain was offered was at ₹ 67,40,000/-, whereas as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the judgment was issued in the context of compulsory acquisition consequently, does not having any application to the facts of the case. 3.1. Even though Ld. Counsel reiterated the submissions and relied on the above case law, I am of the opinion that AO is correct in invoking the provisions of Section 50C. Assessee either should have objected to the valuation before the SRO or should have objected the valuation before the AO who in turn could have referred it to the Valuation Officer. Since nei .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

. Ground : 3.1. Authorities below erred in disallowing expenditure of ₹ 7.53 lakhs for construction of partition walls and toilets for sale of the office premises in 3 portions. 3.2. Authorities ought to have noted that appellant had purchased 9000 Sq feet of office area without internal partition walls and since large area could not be sold, appellant divided the area and sold them under 3 sale deeds. 3.3. Authorities below erred in holding that no evidence for bank withdrawals and constr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nk a/c as source of incurrence of such expenditure. Since the same could not be verified as no further details were furnished as required by the AO, in the computation of capital gains the cost of improvement was restricted to the evidence furnished to the AO, thereby amount of ₹ 7,52,550/- stated to have been incurred in Financial Year 2002-03 for additional works was disallowed. 4.1. It was contended by the Ld. Counsel that assessee along with her husband has acquired 500 Sq. Yds., of la .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

de by assessee way back in Financial Year 2002-03. Since property could not be leased out or developed the same were sold in part during the year under consideration. Since the expenditure was incurred long back, assessee is not in a position to furnish any evidence to the satisfaction of the AO, however, it was submitted that assessee s husband being a civil contractor has developed the partitions and toilets which can be evidenced from the sale deeds and this expenditure was not spent by the d .....

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 that assessee was to get constructed first floor admeasuring 9,000 Sq. Ft., without any internal partition walls. Assessee along with her husband has sold 6,185 Sq. Ft., in the first floor along with undivided share of land and the sale documents do indicate that there were partition walls and toilets. Obviously, these could have been incurred by assessee. Even though, no details could be furnished to the satisfaction of AO/CIT(A), the fact cannot be denied that assessee had to incur some expe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Authorities below ought to have noted that along with her son appellant are joint owner of ½ share in the property and tenant since paid TDS ₹ 1,00,542/- in respect of ½ share and ld AO having assessed ½ share income be directed to allow TDS credit. 5. Ground No. 4 pertains to the addition of entire rental income in the hands of assessee. As can be seen from the ground raised above, assessee is not full owner of the property and assessee with her son hold 1/4th share e .....

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

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

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

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: 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: 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



|| 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