9911796707
TMI Blog2019 (1) TMI 262X X X X Extracts X X X X X X X X Extracts X X X X ..... 45,00,000/- as income from “other sources”. Even if undertake the receipt as advance for sale of the marbles, this Tribunal is of the considered opinion that unless and until the sale of marbles is concluded by deliver of the marbles, the advance cannot be treated as income of the assessee during the year under consideration. Moreover, what was to be assessed as income is only the profit element embedded in it and not the entire sale consideration. Assessing the entire amount of ₹ 45,00,000/- as income from “other sources” is not correct. Accordingly, the order of both the authorities below are set-aside and addition of ₹ 45,00,000/- is deleted. - Decided in favour of assessee. - ITA No.2042/Chny/2018 - - - Dated:- 3-12-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imed accordingly. Hence, the Ld.CIT(A) would not be justified in confirming the order of the AO. 3. On the contrary, the Ld.DR submitted that in the first two rounds of litigation, this Tribunal has remitted the matter back to the file of the AO for re-examination more specifically for cross-examination of Mr.Naren Rajan. Now, Mr.Naren Rajan is no more. Therefore, he cannot be examined. However, there was a contradictory statement made by the assessee before the authorities below. Initially, the assessee claimed that what was received for vacating the flat occupied by him. Subsequently, it was claimed that it was an advance for sale of marbles. In view of the contradictory statement made by the assessee before the authorities below, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffered the same as a capital gain and paid the taxes. In those circumstances, this Tribunal is of the considered opinion that there is no justification for the authorities below to assess the entire receipt of ₹ 45,00,000/- as income from other sources . Even if undertake the receipt as advance for sale of the marbles, this Tribunal is of the considered opinion that unless and until the sale of marbles is concluded by deliver of the marbles, the advance cannot be treated as income of the assessee during the year under consideration. Moreover, what was to be assessed as income is only the profit element embedded in it and not the entire sale consideration. In these facts and circumstances, assessing the entire amount of ₹ 45,00, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
