2014 (1) TMI 1241

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....ound are that the assessee is engaged in the business of real estate, working as builder and developer. Apart from business income of Rs.15.89 crore, the assessee declared capital gain of Rs.20 lac. On being called upon to substantiate the nature of capital gain, the assessee submitted that agricultural of land admeasuring 4.13 B/B, purchased on 20.04.92, was sold to Sh. Naresh Agarwal on 21.07.2000. The said land was shown as fixed assets and resultantly the capital gain of Rs.6,24,390/- was shown in the previous year relevant to the AY 2001-02. A small portion of 0.18 Biswas left unsold out of the said land was now available with the company which was sold in the relevant year for a sum of Rs.20 lac. As the income from sale of land was ch....

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....ds architectural services, after deduction of tax at source. Final bill was raised on 14.04.2006 for Rs.1,04,590/- which was settled at Rs.1 lac. The AO treated such amount as prior period expense on the premise that the amount was paid on 19.01.2006 relevant to the preceding assessment year. He therefore, made disallowance for the same. The ld. CIT (A) got convinced with the assessee's submissions and deleted the addition. 6. Having heard both the sides on issue and perused the relevant material on record, it is observed that M/s Group Interior issued bill dated 14.4.2006 for a sum of Rs.1,04,590/- which was settled by the assessee for a sum of Rs.1 lac. The payment made to the party on 19.01.2006 was simply in the nature of advance for w....

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....dwaj Holds (Reserves 33,67,365)   40% shares TABLE-B Name of Associates Amount advanced Relation with Company M/s Deepak Resorts & Hotels (P) Ltd. Rs.1,00,00,000/-= Deepak Bhardwaj Holds   +Rs.1,02,00,000/- 35.71% shares M/s JJV Market & Hotels Rs.65,00,000/-= Deepak Bhardwaj Holds     42.5% shares 8. The AO held the amount as per table A and table B above to be deemed dividend u/s 2(22)(e) of the Act, subject to the availability of accumulated profits. This resulted into addition of Rs.15,64,778/-. The ld. CIT (A) ordered for the deletion of addition. 9. We have heard the rival submissions and perused the relevant material on record. The Hon'ble Delhi High Court in CIT vs. Navyug Promoters (P) Ltd. ....