TaxTMI 
TaxTMI 
TaxTMI 
2021 (11) TMI 95
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....d is mentioned stating the sale price. 3. The 1st issue raised by the assessee is that the learned CIT (A) erred in confirming the addition made by the AO for Rs. 11,87,796/- representing the difference in the gross amount of income shown in the books of accounts viz a viz in form 26AS issued by the Revenue. 4. The facts in brief are that the assessee in the present case is an individual and engaged in the business of Trading of PVC Raw Material. The AO during the assessment proceedings found that the gross amount of income shown by the assessee under different heads such as interest, contractual receipt and the commission in the books of accounts does not match with the gross income reported in the form 26AS issued by the Revenue. The necessary details of the difference between the gross income shown by the assessee viz a viz income shown in form 26AS issued by the Revenue stand as under: I II III IV Section Disclosed in ITS As per return Income not disclosed 194A 6,76,888 3,68,233 3,08,655 194C 2,39,466 0 2,39,466 194H 59,03,613 52,63,938 6,39,675 4.1 On question by the AO, the assessee with respect to the commission income submitted that he ha....
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....as also confirmed the order of the AO by observing as under: 7.3 I have considered the facts of the case and submission made by the appellant. The AO has noticed that the assessee has received income from various parties on which TDS has been deducted u/s.194A, 194C and 194H and the assessee has not offered commensurate income during the year. The AO has called for the details from the assessee and after considering the submission of the assessee, the AO has made addition of Rs. 11,87,796/- on the ground that no sufficient evidences put-forth by the assessee. 7.4 During the course of appellate proceedings, the appellant has contended that the reconciliation statement alongwith the copy of ledger account on the basis of AIR nation is enclosed and from the said reconciliation statement it may please be seen i is duly reconciled and therefore the question of any addition doesn't arise. 7.5 The facts of the case and contentions of the appellant are considered. The appellant has made the same submission which was made before the A.O. during the assessment proceedings. The details furnished by the appellant were duly considered by the AO during the assessment proceedings and as....
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....The assessee has sold such godown in the year under consideration against the sale consideration of Rs. 3,31,000/-only. The agreement to sell was titled as "agreement to sale with possession", was executed on the stamp paper of Rs. 100/- only which was also registered with the sub registrar. 11.1 However the AO on enquiry found that the Jantry value of the property for the purpose of Stamp duty stands at Rs. 40,550/- per square metres whereas the assessee has shown the sale consideration at much less value. On question by the AO for adopting the sale consideration equal to the janatry/stamp value as per the provision of section 50C of the Act, the assessee filed the valuation report wherein the property was valued at Rs. 3,20,000/- only. 11.2 Besides the above, the assessee also contended that the impugned godown is located in the unauthorized area and the title of this is also not clear. The agreement was also executed at stamp duty of Rs. 100/- which was also accepted by the Registrar of Properties at the time of registration of such agreement. Thus, the assessee contended that the sale consideration cannot be valued for the purpose of stamp duty and therefore the sales declare....
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....computing the long-term capital gain. 13.2 However the learned CIT (A) disagreed with the contention of the assessee by observing that the stamp value as determined for the purpose of stamp duty shall be taken as the sale consideration in pursuance to the provisions of section 50C of the Act. Thus the learned CIT (A) upheld the order of the AO. 14. Being aggrieved by the order of learned CIT (A), the assessee is in appeal before us. 15. The learned AR before us contended that that the property in dispute was unauthorized and therefore the same cannot be subject matter of dispute under the provisions of section 50C of the Act. It was further contended that the land in the revenue records was registered as agricultural land. For this reason as well, the impugned property cannot be subjected to the provisions of section 50C of the Act. 16. On the contrary the learned DR before us contended that there is no ground by the assessee suggesting that the land in question is an agricultural land. Therefore such plea of the learned AR cannot be entertained. Likewise, the ownership of the impugned property has not been disputed by the assessee. Accordingly, the sale consideration has to be....
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.... the nature referred to in section 53A of the Transfer of Property Act, 1888 (TOPA). The provisions of section 53A of the transfer of property Act provides that in order to constitute 'transfer' within the meaning of the Income-tax Act, the transaction should satisfy the following conditions: (a) There should be a contract in writing signed by both the parties from which terms necessary to constitute the transfer can be ascertained. (b) Transferee has taken possession of the property. (c) Transferee has performed or is willing to perform his part of his contract. (d) The contract that is required to be registered. (e) The transferor shall be debarred from claiming any right in respect of the property in possession of transferee. 17.3 If the above conditions are satisfied, such transaction would constitute transfer within the meaning of Income-tax Act. In the present case, all the conditions as discussed above have been satisfied. There is no dispute to this effect as well for the reason that the assessee himself had disclosed the income on the transfer of impugned capital asset. 17.4 The provision of section 48 of the Act provides the manner to compute the incom....