9911796707
TMI Blog2014 (4) TMI 968X X X X Extracts X X X X X X X X Extracts X X X X ..... - The acquisition of the assets is taken as during the year 1999 at the time the bunglow was given on lease for the first time - while the total sale consideration shall continue to be assessed as that against furnished bunglow, its cost shall be increased by Rs. 2 lacs, taken as expended during the F.Y. 1999-00, considering them as a part of the capital assets sold along with – thus, partial relief granted. Credit for house-hold and living expenses – Held that:- The nature and source of the credit to the assessee’s account has been explained - The quantum of the living expenses incurred by the assessee has not been questioned - No enquiry has been made to ascertain if the assessee is indeed living with his family, as a joint family, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te at Ahmedabad, sold the same during the relevant year at Rs.38,50,000/-, disclosing the proportionate consideration (Rs.19.25 lacs) per his return of income (ROI) for the year filed on 28.07.2006. His bank account, however, revealed credit for Rs.1 lac (on 06.12.2005) and Rs.7.50 lacs (on 25.02.2006), i.e., at a total of Rs.8.50 lacs. The same was explained to be toward consideration for the sale of furniture at the bunglow, having been sold along with. The reason for the non-disclosure in the ROI was stated to be on account of the fact that the same was used for personal purposes and, thus, not a capital asset u/s. 2(14) of the Act. The same did not find favour with the Assessing Officer (A.O.). There was, firstly, no document supporting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee s claim was considered as bogus, made with a view to evade tax at Rs.8.50 lacs, which sum had thus rightly been considered as a part of the sale of the bunglow, without any corresponding relief toward cost of furniture. Aggrieved, the assessee is in second appeal. 3. Like contentions were raised before us by both the sides, with the ld. Departmental Representative (DR) relying on the orders by the Revenue authorities. 4. We have heard the parties, and perused the material on record. There is no evidence of the user of the bunglow by the assessee for the purpose of his residence or even his family. The actual user would leave or generate a host of evidence in its trail, as e.g. the payment of electricity, water bills, etc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is it then that the assessee, a 50% owner of the bunglow, having invested 50% of the cost of the furniture, been paid the entire sale consideration thereof? The same is, in any case, almost twice the purchase price of the furniture, rather than at a fraction thereof. The details of the furniture and fixture, forming part of the confirmation afore-said, was browsed during hearing itself to find only three items (out of 14), i.e., at Sr. No. 9, 10, 12, to be of furniture; the balance being qua electrical fittings and fans (which are only a part of building); Air Conditioners; Fridge, TV, etc., so that the ld. Authorized Representative (AR) conceded during hearing to only a part of the consideration as being toward furniture. The description ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an being considered as bogus, as by the Revenue, stands accepted to that extent. We decide accordingly, and the assessee gets part relief. 5. The second issue is in respect of a credit for house-hold/living expenses. A credit of Rs.60,000/- to the assessee s account in the books of account of M/s. Universal Chemphour Manufacturing Corp. ( UC for short) for the relevant year toward the same was observed by the A.O. The same was explained to be by way of transfer from an account, similarly maintained, by UC of Shri Harihar C. Patel (Karta), the assessee s father. The assessee having incurred all the household expenses, a credit by way of transfer from the account of the father s HUF, as its contribution to the living expenses of the fami ..... X X X X Extracts X X X X X X X X Extracts X X X X
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