TaxTMI 
TaxTMI 
2022 (11) TMI 616
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....ing grounds of appeal: 1."That, on the facts and circumstances of the case the learned CIT(A) is not justified in sustaining the addition of Rs.53,12,025/- made by the AO as short term capital gain. The details submissions made by the appellant on this aspect before the AO and the first appellate authority has not been considered in all its aspects. 2. That, on the facts and circumstances of the case the CIT(A) is not justified in sustaining the sum of Rs. 17,721/- in the total disallowance of other expenses made by the AO to an extent of Rs.80,340/-. 3. That, on the facts and circumstances of the case the impugned order of CIT(A) is bad in law and on facts. 4. That the appellant may be allowed to add, su....
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.... long term capital loss from transfer of property cannot be rejected. In response, the assessee vide letter dated 22.02.2016 submitted that the company had purchased a property for consideration of Rs. 13,59,99,000/- under the sale deed dated 17.11.2009 and property has been registered for a consideration of Rs. 16,75,000/-. The balance consideration has been paid by allotment of equity shares with a premium. Since, the assessee transferred the property for a consideration of Rs. 20,69,160/-, it has declared short term capital loss. The AO however, not convinced to the explanation given by the assessee and according to AO the assessee has arranged a transaction and artificially inflated cost of property and thus, rejected the MoU between th....
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....the assessee has derived short term capital loss from sale of property as per MoU and sale deed between the parties. The assessee has incurred short term capital loss and thus, the question of computation of short term capital gain does not arise. 6. The Ld. DR on the other hand supporting the order of the ld. CIT(A) submitted that as per sale deed between the parties, the sale consideration fixed by the authorities for payment of stamp duty was at Rs. 73,81,185/- and thus, the AO rightly computed short term capital gain in terms of provisions of section 50C of the Act. Therefore, their order should be upheld. 7. We have heard both the parties, perused materials available on record and gone through orders of the authorities below. Adm....
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....CIT(A) to sustain additions made by the AO towards computation of short term capital gains and thus, we are inclined to upheld the findings of the ld. CIT(A) and reject the ground taken by the assessee. 8. The next issue that come for consideration from ground no.2 of assessee appeal is disallowance of other expenses made by the AO amounting to Rs. 17,721/-. The AO has disallowed a sum of Rs. 80,340/- out of other expenses on the ground that the assessee had incurred all the expenses in cash and could not file necessary evidences. Therefore, the AO has disallowed 30% of total expenditure incurred by the assessee at Rs. 2,69,799/- and made addition of Rs. 80,340/-. The Ld. CIT(A) after considering submissions of the assessee, except gener....