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The contention of the assessee that the payments in question were made to the builder not in the assessment year 2008-2009, but in the earlier years has been rightly rejected by the CIT because, firstly, the payments made in the earlier years if any related to purchase of flat No. B-92 on the 9th floor and not in respect of flat No.A-46 on the 4th floor. If the amounts paid on 07.03.2008 were infact paid in the earlier years, the same would have found place in the agreement dated 07.03.2008.
Learned counsel appearing for the assessee placed reliance on the decision of this court in CIT v. Ayesha Hospitals (P.) Ltd. [2007] 292 ITR 266 (Mad.), wherein in respect of the claim made for the assessment year 1991-92, the assessee claimed the amounts spent on painting, relaying of the damaged floors, partitions, etc., as revenue expenditure. On an appeal before this court by the Revenue, it was pointed out that the assessee incurred expenditure for relaying of the damaged floors, painting and partition in respect of the leased property. Referring to the decision of the apex court in CIT v. Madras Auto Service (P.) Ltd. [1998] 233 ITR 468, this court pointed out that the expenditure incurred in respect of the maintenance of the leased premises was deductible as revenue expenditure.
Section 54F is intended to encourage construction of or acquisition of residential house with the aid of the proceeds from the transfer of any long term capital asset, which is not a residencial house. The provision contemplates computing the cost of the residential building, but the value of the plot on which the farm house stands and the land appurtenant could also be considered.
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Where the assessee claims that the value adopted or assessed for stamp duty purposes exceeds the fair market value of the property as on the date of transfer, the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in accordance with section 55A of the Income-tax Act.
There was a clear lack of inquiry on the part of the assessing officer once the assessee had furnished all the material which we have already referred to above. In such an eventuality no addition can be made under section 68 of the Act.
CIT Vs. Gita Duggal – Section 54/54F uses the expression a residential house. The expression used is not a residential unit. There is nothing in these sections which require the residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for commercial use.
FM to Dedicate Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) Tomorrow The Union Finance Minister Shri P. Chidambaram, will dedicate the Centralized Processing Cell for Tax Deducted at Source, CPC (TDS) to the nation tomorrow. The CPC (TDS) will be situated at Aayakar Bhawan, Sector-3, Vaishali, Ghaziabad (UP). It will provide the […]
The appeal is, however, time barred by 24 days. The Assessing Officer has moved a petition seeking condonation of this delay. Having perused the said petition, and having heard rival contentions on the same, we are inclined to condone the delay as the delay seems to have been explained by a reasonable cause. Accordingly, we condone the delay and proceed to take up the matter on merits.
A perusal of the order of the Tribunal shows that it has gone on the basis of the documents submitted by the assessee before the AO and has held that in the light of those documents, it can be said that the assessee has established the identity of the parties. It has further been observed that the report of the investigation wing cannot conclusively prove that the assessee’s own monies were brought back in the form of share application money. As noted in the earlier paragraph, it is not the burden of the AO to prove that connection.
