If period of holding is >1yr then it is LTCG & Exempt & Assessing Officer can make addition in the year of purchase if unexplained but no addition can be made in the present year/year of assessment.
The ITAT Kolkata in the above cited case held that if the additional income disclosed by assessee u/s 132(4) voluntarily without being any incriminating material found during the course of search , then department cannot levy penalty u/s 271AAA on such voluntarily disclosed income.
In this case ITAT held that a liberal approach has to be adopted by the appellate authorities, where delay has occurred for bona fide reasons on the part of the assessee or the Revenue in filing the appeals.
ITAT Mumbai that payment made by M/s. BSR & Co to KPMG group professional entities based in Various Countries outside India for Services in relation to taxation matters, independent personal services, assistance in audit, taxation, information technology services, conducing background checks, etc.
In the case of Former Chief Minister of Maharashtra Narayan Rane ITAT Mumbbai held that before holding an order to be erroneous, Ld Pr. CIT should have conducted necessary enquiries or verification in order to show that the finding given by the assessing officer is erroneous, the Ld Pr. CIT should have shown that the view taken by the AO is unsustainable in law.
Service tax collected by the assessee and paid to the government account having no profit element, cannot be included in the gross receipts for computation of income under section 44B of the Act.
He further stated that the reassessment proceeding is time bar and assessment cannot be reopen due to mere change of opinion after the assessment, the addition of Rs.29,65,101/- has wrongly been made, which was dully explained and duly credit in books of alc and there is no concealment.
ITAT held that making of an incorrect claim by assessee which is supported by a report of Chartered Accountant cannot be hold as furnishing inaccurate particulars of income. Therefore, penalty u/s 271(1)(c) is not warranted as the claim made under bonafide belief.
The ITAT New Delhi in the above cited case held even export made by assessee through third parties are also to be considered while working out deductions allowable u/s 10B as such exports are deemed exports and recognized by Foreign trade policy for extending export benefits.
In the instant case, the assessee has purchased the new residential house at Pune in July 2008 in dilapidated condition and immediately there-after undertaken extensive civil, plumbing, electrical & painting works to make it habitable
