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. Right Chaneel Construct ions C/o. M/s. Jagdish Bansal and Associates Versus ACIT 15 (2) , Mumbai

Addition on sale of TDR - taxability - Held that:- The assessee received the TDR on 13.05.2008 by virtue of letter dated 13.05.2008 as per EXIT C. In view of the said circumstances apparently on 30.04.2007 the date of the execution of the MOU no TDR was in existence. The TDR cost was Nil, therefore right to eliminate is not taxable. The MOU speaks about the purchase of land however, the word purchase of TDR right has also been mentioned but at the time of execution of MOU dated 30.04.2007 no 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 party but this fact cannot be denied that the TDR right on the land first time was accrued in favour of assessee which was sold by the assessee for sum of ₹ 1,20,00,000/-. In view of this peculiar facts and circumstances and in view of the law relied by the learned representative of the assessee mentioned above, we are of the view that he said amount in question is not taxable in accordance with law, therefore, we delete the said addition and allowed the appeal of the assessee. Accordi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

appeal before the CIT(A), CIT(A) restricted the disallowance to the extent of 5%. No justifiable materials have been placed on record. However, assessee took the plea of preaudited accounts but this factual situation was also there at the time of filing an appeal before the CIT(A). When we consider the reasons of disallowance to the extent of 5% of the expenditure then we found that the documents of the accounts were not supported by third party evidence and the vouchers were self made which ca .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

M AND SHRI AMARJIT SINGH, JM For The Assessee : Shri S.L.Jain For The Department : Shri A. Ramachandran CIT-DR ORDER PER AMARJIT SINGH, JM: This is an appeal filed against the order dated 09.11.2012 passed by the Commissioner of Income Tax (Appeal) 26, Mumbai [hereinafter referred to as the CIT(A) ] relevant to the A.Y.2009-10. 2. The assessee has raised the following grounds:- 1. On the facts and in the circumstances of the case and in the law the learned Commissioner of Income Tax Appeal - 26 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lso completely wrong to say on the part of the learned Commissioner of Income Tax Appeals - 26 that the reserved area there was some surplus land left in the hands of the appellant. Your honor is requested to delete unnecessary addition of ₹ 70,00,000/- made by the learned Commissioner of Income Tax Appeal. 2. On the facts and in the circumstances of the case and in the law the learned Asst. Commissioner of Income Tax erred making disallowance @ 10% of the various expenses adhocly without .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

particulars of income or furnished inaccurate particulars at the time of the assessment. Hence there was not fault on the part of the appellant for submitting inaccurate particulars of income. In view of the above, the Penalty proceeding u/s.271(1)(c) of the Income Tax Act 1961 initiated the learned Commissioner of Income Tax Appeal - 26 should be dropped. 3. The brief facts of the case are that the assessee has filed his return of income on 29.09.2009 declaring total income to the tune of S .....

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/- and assessee has also received advance against TDR to the tune of ₹ 1,20,00,000/-. The notice was given to the assessee and the Assessing Officer had arrived at this conclusion that the assessee has purchase the TDR for sum of ₹ 50,00,000/- and sold the same in sum of ₹ 1,20,00,000/-. Therefore, the difference to the tune of ₹ 70,00,000/- was added to the income of the assessee. The assessee has also claimed the expenses to the tune of ₹ 42,06,947/- and the Asse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

00,000/- is not liable to be added towards the income of the assessee. In support of this contention the learned representative of the assessee has placed reliance on the following decisions: 1. Commissioner of Income Tax Vs. Sambhaji Nagar Coop HSG Society Ltd. (High court of Bombay) 2. Jethalal D. Mehta Vs. Deputy Commissioner of Income Tax (ITAT, Mumbai D Bench) 3. Commissioner of Income Tax Vs. B.C.Srinivasa Setty (Supreme Court of India) 4. New Shailaja Co-operative Housing Society Ltd. Vs. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ome from the sale of TDR is liable to be taxable hence the learned CIT(A) has rightly passed the order which is not require to be interfered with at this appellate stage. By giving the careful thoughts to the contention raised by the learned representative of the parties and perused the record, we found that the assessee purchased certain property / land situated at village Pahadi Village, Goregaon (East), Mumbai bearing CTS No.255 admeasuring approx. 4085.50 sq. mts. or thereabouts more particu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

served for a Parking Lot. 6. At the time of the sale of the property, the purchaser / assessee came to know each and every aspect of the assessee. He knew that he would only entitled for the TDR which could be subsequently sold. Now, he purchased the said property in sum consideration of ₹ 50,00,000/-. Subsequently, the purchaser / assessee sold the TDR in sum of ₹ 1,20,00,000/-, therefore, an amount of ₹ 70,00,000/- was added to the income of the assessee on the ground of that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

at the time of execution of MOU dated 30.04.2007 no TDR right was in existence in favour of the seller as well as purchaser. Moreover, it come into notice that the seller was owner of the said land by virtue of Sanad dated 18th August 1962. The TDR right if any was going to be accrued then the same is going to accrued in favour of the owner. The assessee purchased this said land when no TDR was accrued in favour of earlier owner. Assessee did not purchase TDR right from owner. No doubt factual p .....

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     ↓  

Notification: Exempts inter-state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 09/2017-IT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 08/2017-IT(R) to reduce CGST rate on specified supplies of Works Contract Services

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-CT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services.

News: Tax on fuel more important for a dry state like Gujarat

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: For an ayurvedic medicine to be classified under Chapter 30 has to pass the test whether it is for cure of any disease. If the same is only meant for care, then such product would not fall under medicament.

Notification: All Industry Rates of Duty Drawback Schedule

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

Highlight: Demand of interest - the period of limitation that applies to a claim for the principal amount should also apply to the claim of interest thereon.

Highlight: Government issues new notifications under CGST, IGST and UTGST to grant fresh exemptions in respect of certain supplies.

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017

Forum: 3B mistake

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

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Manpower Service provider

Forum: Construction of single unit bungalow

Forum: Duty Drawback & Input Credit - under GST

Article: SIMPLIFIED E-WAY BILL UNDER GST

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

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

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR



|| 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