Forum
Read and express views
× Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India

These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.

03-01-2019, Om Prakash Patidar (HUF), Section 68, 131(1), 69, Tribunal Indore

  • amit
  • amit's Avatar Topic Author
  • Offline
  • Administrator
  • Administrator
More
2 months 2 weeks ago #8267 by amit
Section - 68, 131(1), 69
Order Date - 03-01-2019
Favouring - Assessee Partly
Court - Tribunal Indore
Appellant - Om Prakash Patidar (HUF)
Respondent - ITO
Justice - KUL BHARAT JM & MANISH BORAD AM
Citation - 119Taxpundit64
Appeal No. - ITA No.220/Ind/2017
Asstt. Year - 2013-14

Order

PER : KUL BHARAT, J.M

This appeal by the assessee is directed against order of the CIT(A)-I, Indore dated 23.1.2017 pertaining to the assessment year 2013-14. The assessee has raised following grounds of appeal:

1. The Ld. CIT(A) has erred in confirming the addition of transfer expenses of Rs.2,00,000/- on sale of agricultural land.

2. The Ld. CIT(A) has erred in confirming the addition of cash credits amounting to Rs.17,51,000/-.

3. The appellant craves leave to add or amend any of the aforesaid grounds of appeal.

2. The facts giving rise to the present appeal are that assessee filed return of income on 28.1.2014 declaring total income of Rs.6,98,467/- and an agricultural income of Rs.4.50,200/-. The case of the assessee was selected for scrutiny assessment. The assessment u/s 143(3) of the Income Tax Act, 1961 (hereinafter called as ‘the Act’) was framed vide order dated 16.1.2016.The A.O. while framing the assessment made addition in respect of capital gain of Rs.75,35,438/-, income from other sources of Rs.23,90,602/- and unexplained credit in bank account of Rs.17,51,000/-. Hence, the A.O. after giving deduction under Chapter 16A assessed income at Rs.97,40,840/-.

The assessing officer also computed agricultural income at Rs.3,00,000/- against the agricultural income claimed at Rs.4,50,200/-.

3. Aggrieved by this action of the A.O., the assessee preferred an appeal before Ld. CIT(A), who after considering the submissions partly allowed the appeal While partly allowing the appeal, the Ld. CIT(A) confirmed disallowance of transfer expenses of Rs.2,00,000/- and the additions made in respect of the deposits made in the bank account of Rs.17,51,000/-. Rest of the additions were deleted by the Ld. CIT(A) for the assessee and the revenue had challenged the assessment order. Appeal of the revenue in ITA No.305/Ind/2017 dated 19.9.2018 was dismissed for low tax effect. The present appeal of the assessee remains to be adjudicated. Ground No.1 is against addition of transfer expenses of Rs.2,00,000/- on sale of agricultural land. At the time of hearing, this ground was not pressed, hence, dismissed as not pressed.

4. Apropos to Ground No.2, Ld. Counsel for the assessee submitted that all the details have been filed. Ld. Counsel for the assessee further reiterated the submissions as made in the written synopsis. The submissions of the assessee are as under:

Click to view and download Full Free Judgement of Om Prakash Patidar (HUF) vs. ITO

Unable to display Google Map.




Time to create page: 0.120 seconds

If You Appreciate What We Do Here On TaxPundit, You Should Consider:

We are thankful for your never ending support.

Latest Analysis - High Courts

RAJAN BHATIA vs CBDT

RAJAN BHATIA vs CBDT

RAJAN BHATIA vs CBDT Read More
ALFA BHOJ LIMITED vs DCIT

ALFA BHOJ LIMITED vs DCIT

ALFA BHOJ LIMITED vs DCIT Read More
PCIT vs GEETANJALI CREDITS AND CAPITAL LIMITED

PCIT vs GEETANJALI CREDITS AND CAPITAL LIMITED

PCIT vs GEETANJALI CREDITS AND CAPITAL LIMITED Read More
BHARTI INFRATEL LIMITED vs. DCIT

BHARTI INFRATEL LIMITED vs. DCIT

BHARTI INFRATEL LIMITED vs. DCIT Read More
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27

Forum Features

Latest Case Laws
Latest Case Laws are instantly updated in the Forum into their respective section
Latest from CBDT
Latest Circulars, Notifications, Orders etc. from CBDT is updated in the Forum
Ask Experts
You can ask questions to the community
Support
Support queries are either replied via mail or in the Forum so that others can be benefited
Press Releases
Latest Press Notes and Press Releases are updated in the Forum
Connect with Members
You can connect with our community members by replying to their queries

Recommended Articles

 

SITE INFORMATION

All content herein is the copyright of Taxpundit. No images, text, or any other content may be, reproduced or redistributed without the express written consent of Taxpundit.

All Rights Reserved. All Content Copyright.

Newsletter

Subscribe to our newsletter and stay updated on the latest developments and special offers!

Create your own website as per ICAI guidelines. Plan starts at Rs. 15000/- with Free Premium Membership. Read more
Toggle Bar