×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.
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: