TaxTMI 
TaxTMI 
2021 (4) TMI 165
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....ur appellant submits that the authorities below had not fully considered the facts of the facts. 3. Your appellant submits that the learned Assessing Officer had erred in adopting the assessment procedure followed in the hands of Mr. P.S. Man (father of the appellant) in computing the income for the present year in the hands of your appellant. 4. your appellant submits that the learned Assessing Officer had not properly considered the replies submitted at the time of assessment proceedings about the nature of the transactions happened in the hands of your appellant, the variance in the relationship at your appellant with her fathers business. 5. Your appellant submits that the Learned Assessing Officer is not correct in wholly depending upon the statement made by the father of your appellant at the time of survey in his office which is generalized statement. 6. Your appellant submits that the income earned by your appellant is to be considered as Income from long term capital gains and further the sales of the plots were made as Power of Attorney holder of other sellers and not the property of your appellant. 7. Your appellant submits th....
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....survey u/s. 133A of the Act was conducted on 02.09.2013 in the office premises of M/s. Kumaran Real Estate & Builders, Vellore assessed as APO. Based on the survey, assessment of the AOP and members have been reopened and concluded u/s. 143(3) r.w.s. 147 of the Act and assessed income derived from purchase and sale of properties under the head income from business or profession, as against income admitted by AOP as well as Members under the head income from long term capital gain on the ground that AOP as well as Members were involved in a systematic business activity of purchase and sale of lands and thus, profit derived from such activity is assessable under the head income from business or profession. Further, the case of the assessee was reopened u/s. 147 of the Act for both assessment years on the basis of survey report received from Office of the Income Tax Officer, Vellore, as per which the assessee was also engaged in the business activity of purchase and sale of lands and further, offered capital gain from sale of land for assessment years 2011-12 & 2012-13. Based on the survey report, assessment has been reopened u/s. 147 of the Act, and accordingly, notice u/s. 148 dated....
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....entative, it is appeared that the assessee's claim of LTCG appears to reasonable. But on further investigation, it is came 10 light the assesses is doing the real estate activity in and around gudiyattam town for more than 15-20 years and whatever investment he has made over the years only with the intention to do real estate business and this has been confirmed by the local period and the vicinity of the assessees business premises at Gudiyattam. Hence on the above lines, further Investigation was carried out at kollati, near minjur and at Santhosh Nagar Plots, When all the above details are brought to the knowledge of the assessee, they have agreed to declare the income under the head real estate business income. Since the case was taken for deep scrutiny with the permission of JCIT, Vellore range, a breakthrough was happened at the end. Considering the discrepancies pointed out to the assesses and the representative, they came forward and submitted a letter dated 31.03.2016 with a request to sought installments to pay tax due arisen on the basis of revised declaration. 18. Thus, Shri P.S. Mani and others have accepted and the orders were passed considering the discl....
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.... the assessee rejected the claim of the assessee that income derived from sale of land is assessable under the head income from long term capital gain by holding that the role played by the assessee in real estate business is same as that of the other associates in whose hands, income was assessed as income from business or profession. The records related to survey and related statement and also the fact that income has been assessed as business income in the hands of other associates clearly prove that income of the assessee is liable to be assessed under the head income from business. Accordingly, rejected the arguments of the assessee and confirmed additions made by the Assessing Officer towards profit derived from sale of lands under the head income from business or profession. Aggrieved by the learned CIT(A) order, the assessee is in appeal before us. 7. The learned AR for the assessee submitted that the learned CIT(A) has erred in fact and in law to confirm the findings of the Assessing Officer in assessing profit derived from sale of lands under the head income from business or profession as against income admitted under the head long term capital gains, without appreciat....
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....ofit derived from sale of land under the head income from business and profession as against income admitted under the head long term capital gains. The Assessing Officer has not disputed the fact that the assessee is not a member of AOP. In fact, he has categorically admitted that the assessee is not a member of AOP, but went on to assess income under the head income from business, only on the basis of letter filed by one Mr. P.S. Mani, member of AOP, where he has admitted capital gains from sale of lands in the hands of the assessee. It was the contention of the assessee before the Assessing Officer as well as learned CIT(A) that she is neither a member of AOP, nor engaged in the business of buying and selling of lands. She further contended that lands sold by AOP are different from the lands sold by her in individual capacity. To support her argument, she has filed various evidences including settlement deed executed by her in favour of Sri Kumaran Educational & Charitable Trust. We find that the Assessing Officer has taken support from settlement deed executed by the assessee to arrive at conclusion that the assessee also engaged in real estate development. But on perusal of de....
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....Officer and direct him to reconsider the issue in light of various evidences filed by the assessee including settlement deed executed in favor of M/s. Sri Kumaran Educational & Charitable Trust and to ascertain nature of income declared by the assessee under the head income from long term capital gains. 11. In the result, appeal of the assessee for both the assessment years are allowed for statistical purposes. Order pronounced in the open court on 19th March, 2021. ============= Document 1 16. Further a page of the sworn statement is scanned and reproduced E wherein Shri PS Mani had admitted that M. Mageswari was involved in the busine பிரமானவாகà¯à®•à¯ à®®à¯à®³à®®à¯ திரà¯. R.S. மணி த திரà¯-மொனà¯à®¤à®ªà®¾à®µà®¿ பாரà¯à®Ÿà¯à®šà®°à¯ ஆழிபெரன௠ரியன௠ரைசஸà¯à®•à®Ÿà¯, No-3. இசலà¯à®²à®®à¯ -9 ( 34லà¯à®ªà¯‡à®·à¯ ....
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