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2022 (12) TMI 882 - AT - Income TaxLong term capital gain - cost price for cost inflation index - HELD THAT - As per the provision of section 45 any profits or gain arising from the transfer of capital asset effected in the previous year shall be deemed to the income of the previous year in which transfer took place. Since in the case of the appellant transfer took place during the year therefore AO has correctly taxed the capital gain for the year under consideration and addition made by the AO is hereby confirmed. Disallowance of production expenses - CIT (A) confirmed the addition by noting that it is an admitted fact that assessee was unable to produce any evidence in respect of expenses - HELD THAT - Upon careful consideration and going through the assessment order ld. CIT (A) s order, we find that the impugned additions and disallowances are made on cogent footings. Nothing has been brought to our notice to controvert the finding of AO and CIT (A). Hence, we do not find any infirmity in the order of ld. CIT (A) and we affirm the same. As we find that the impugned additions and disallowances are made on cogent footings. Nothing has been brought to our notice to controvert the finding of AO and ld. CIT (A). Hence, we do not find any infirmity in the order of ld. CIT (A) and we affirm the same. Appeal filed by the assessee stands dismissed.
Issues:
1. Addition of Rs.18,79,659 on account of sale of flat at Ireo Skyon. 2. Addition of Rs.20,51,232 on account of sale of Nangloi property. 3. Addition of Rs.28,24,895 in respect of property A-3/19, Paschim Vihar, New Delhi. 4. Disallowance of expenses amounting to Rs.14,98,184. Issue 1: Addition of Rs.18,79,659 on account of sale of flat at Ireo Skyon: The assessee sold a flat at Ireo Skyon and claimed short term capital gain. The Assessing Officer (AO) added Rs.18,79,659 to the taxable income due to discrepancies in the proof of payment for the property purchase. The ld. CIT (A) confirmed the addition as the appellant failed to provide complete evidence of payment, leading to the upheld addition. Issue 2: Addition of Rs.20,51,232 on account of sale of Nangloi property: Regarding the sale of a property in Nangloi, the AO added Rs.20,51,232 to the taxable income due to discrepancies in the cost of improvement claimed by the assessee. The ld. CIT (A) upheld the addition as the appellant could not provide evidence to support the claimed cost of improvement, leading to the confirmed addition. Issue 3: Addition of Rs.28,24,895 in respect of property A-3/19, Paschim Vihar, New Delhi: The AO added Rs.28,24,895 to the taxable income as long term capital gain arising from the sale of a property in Paschim Vihar. The ld. CIT (A) confirmed the addition, citing that as per Section 45, the profit from the transfer of a capital asset in the previous year is taxable in the year of transfer, leading to the upheld addition. Issue 4: Disallowance of expenses amounting to Rs.14,98,184: The AO disallowed expenses claimed by the assessee due to lack of evidence for a portion of the claimed amount. The ld. CIT (A) confirmed the disallowance as the appellant failed to produce any evidence for the expenses, resulting in the upheld addition. In the final judgment, the ITAT Delhi dismissed the appeal as the assessee did not appear despite multiple notices. The Tribunal affirmed the orders of the AO and ld. CIT (A) as the additions and disallowances were found to be justified based on the available evidence and legal provisions, concluding the case on December 19, 2022.
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