TaxTMI 
TaxTMI 
2020 (9) TMI 731
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....g substantial questions of law: i) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance of Rs. 39,86,424 when assessing authority has made disallowance considering that assessee along with two others, has jointly developed sites by converting three acres out of 6.5 acres of agricultural land by entering into an agreement M/s Amalgamated property developers and the total proceeds realized out of the sale of these 44 sites is Rs. 1,62,81,350/- which is undisputed? ii) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance towards de-notification charges of Rs. 18,00,000/-, administrative cha....
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....rity? v) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance made by the assessing authority to tax an amount of Rs. 1,12,745/- under the head "Income of other sources" even when the assessing authority rightly observed that the assessee had not furnished any proof with regard to foreign tour taken by the assessee during the year except that the amount was spent by M/s Classic Coffee and Spices (P) Ltd., in which the assessee is a Director? vi) Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside disallowance made by the assessing authority to an extent of Rs. 37,31,000/- under the head "Income from oth....
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....come from joint development of sites, long term capital gains on transfer of land, income declared under agriculture was brought under the head, income from other sources, addition of income from coffee estate, addition relating to personal savings and other additions. The aforesaid order was challenged before the Commissioner of Income Tax (Appeals) by the assessee. The appeal preferred by the assessee was allowed. Being aggrieved, the revenue challenged the aforesaid order in appeal before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal by order dated 16.04.2010 dismissed the appeal preferred by the revenue and partly allowed the appeal preferred by the assessee. In the aforesaid factual background, the revenue has fi....
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....n the other hand, the learned counsel for the assessee has submitted that the powers of the Commissioner of Income Tax (Appeals) are co-extensive with the Assessing Officer and the assessee had produced the material before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) had called for the Remand Report from the Assessing Officer and in the Remand Report, the Assessing Officer himself after going through the material produced by the appellant had submitted that as the assessee's argument with regard to the addition as long term capital gains to the tune of Rs. 2,94,600/- is acceptable. 5. It is also pointed out that the assessee submits with regard to addition as "income from other sources" to the tune o....
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....d Report. The relevant extract of the remand report reads as under: "Addition as long term capital gain - Rs. 2,94,26,600/-(point 7) The assessee's argument in this regard are acceptable. Addition as income from other sources - Foreign Travel-Rs. 1,12,475/-( Point 11) The assessee has filed certificate issued by the Director of M/s Classic Coffee & Spices (P) Ltd., wherein it is stated that Sri. D.M. Purnesh, Director was requested to represent the Company and attend Specialty Coffee Association of America's Trade Show and Conference at Boston, U.S.A. in April 2003. Further, it is stated that the expenditure of Rs. 1,12,475/-has been posted under the head of account 'business promotion expenses' of the company. Th....