TaxTMI 
TaxTMI 
2023 (3) TMI 1237
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....t maintainable and liable to be dismissed. When the appeal came up for hearing, the ld. Counsel for the assessee has prayed for withdrawal of the appeal. Accordingly, the appeal filed by the assessee is dismissed as withdrawn. 3. So far as appeal filed against quantum addition is concerned, the assessee has challenged upholding of reopening of assessment under section 147 of the Act. 3.1 Brief facts of the case are that the assessee has filed return of income for the assessment year 2011-12 belatedly on 14.10.2011 admitting total income of Rs..34,70,877/- including agricultural income of Rs..10,00,000/-. The return was processed under section 143(1) of the Act. Subsequently, from the tax computation sheet, the Assessing Officer has noted that the assessee has received rent from land at Kelambakkam and has offered the same as income from house property and claimed 30% deduction for repairs and maintenance. However, as per section 22 of the Act, the income from house property is only from buildings or land appurtenant thereto and not from land alone as offered by the assessee. Hence, the 30% notational deduction claimed on the rent received from land was not in order and same h....
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....al assessment order under section 143(3) of the Act. Admittedly, in the present case, scrutiny assessment under section 143(3) of the Act was not carried out. Thus, we are of the considered opinion that the Assessing Officer has validly reopened the assessment under section 147 of the Act by issuing notice under section 148 of the Act. 3.5 So far as case law relied on in the written submissions of the assessee is concerned, the decision in the case of Martech Peripherals Pvt. Ltd. v. DCIT 394 ITR 733 (Mad) has no application to the facts of the present case, wherein, in that case, the Assessing Officer concluded the assessment under section 143(3) r.w.s. 147 of the Act without dealing with the objections filed qua the notice issued under section 148 of the Act, whereas, in the present case, the assessee has not raised any objection against the notice issued under section 148 of the Act. 3.6 Similarly, the decision in the case of M/s. Tractors and Farm Equipment Limited v. ACIT 409 ITR 369 (Mad) has no application to the facts of the present case, wherein, in that case, scrutiny assessment under section 143(3) of the Act was completed and thereafter, assessment was reopened un....
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.... in this village. Real Estate projects like Casa Grand Pavillion, Oasis Sekhar Flats, Green Wood City are either completed or going on in full fledge. In the same area of village, School of Maritime Studies, T.S. Narayanswami College of Arts & Science are existing. Sri Venkateswara Dental College/Nursing College & Iravi Vellan Mellan Hospital (both VELS University) are also operating in the same area. This village is also in the vicinity of 1.5 - 2 km from the Satyabhama University. Moreover, in the website www.tnreginet.net, the status of the above land shows as "residential". 4.2 Information u/s 133(6) vide this office letter dated 20.02.2014 was also called for from the Tahsildar, Thirupporur Taluk, Kancheepuram District (Tamilnadu). The Tahsildar, in his report dated 28.03.2014 has stated that no crops were grown on the above land sites from the period 2008 to 2013. He has also produced the certified copies of chitta, Addangal, FMB Sketch for the above mentioned survey Numbers, which shows that no agricultural activities have been carried out during this period. 4.3 Vide letter dated 28.01.2014, the Assessing Officer asked the assessee to produce the details of crops grow....
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.... towards capital gains, first of all, in his written submissions, the assessee could not controvert the report of Tahsildar dated 28.03.2014, wherein, he has categorically stated that no crops were grown on the pieces of land sites from the period from 2008 to 2013. Secondly, the assessee has not produced the details of crops grown on the above land during the financial years 2008-09 to 2010-11. Moreover, the assessee has not produced the details of irrigation facility on the land, details of pump sets, if any, details of electricity bills, etc., either before the Assessing Officer or before the ld. CIT(A) or even before the Tribunal. Moreover, in the website www.tnreginet.net, the status of the above land shows as "residential". 4.9 So far as case law relied on by the assessee in the case of PCIT v. Mansi Finance Chennai Ltd. 388 ITR 514 is concerned, we find that in that case, the land was given on lease for agricultural purposes and the lessee also used the impugned land for agricultural purposes during the interregnum period by providing clear-cut clauses in the lease deed that to use the farm for agricultural purpose only and to farm cultivate manure and manage the farm in ....
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....ed that the assessee brought share application money to the company which he withdrew later on. However, the AR could not demonstrate in terms of accounts that the said loan transaction does not attract the conditions under section 2(22)(e) of the Act. By considering the submissions of the as well as remand report of the Assessing Officer, the ld. CIT(A) confirmed the addition. 5.3 Before us, the ld. Counsel for the assessee has reiterated the submissions as made before the ld. CIT(A). We have also perused the remand report of the Assessing Officer. During the remand proceedings, the assessee was asked to substantiate with details regarding subscription of shares in M/s. Saraswathi Broilers Pvt. Ltd. The assessee vide his submissions has stated the balance as on 31.03.2011 of Rs..2,40,60,000/- as appearing in the Share Application account of M/s. Saraswathi Broilers Pvt. Ltd. represented money given by him to M/s. Saraswathi Broilers Pvt. Ltd. towards subscription of shares. He also stated that a debit balance of Rs..1.74 crores was appearing in the above company's books in his name which represented the aggregate balance of the money drawn from the company on various dates. It ....