9911796707
TMI Blog2020 (7) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... of the A.O. Accordingly, we set aside the order passed by CIT(A) on this issue and restore the same to the file of the A.O. for examining the same afresh in terms of section 50C(2) - After affording adequate opportunity of being heard to the assessee, the A.O. may take appropriate decision in accordance with law. Difference between gross receipts declared by the assessee and that was shown in form 26AS - HELD THAT:- Assessee is following cash system of accounting. The submission of the data before tax authorities was that his clients, who are following mercantile system of accounting, might have deducted TDS on the amount payable by them and hence those amounts have been reflected in form no.26AS. However, since the assessee is followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee give rise to following two issues: a) Computation of capital gain by adopting sale consideration as per provisions of section 50C of the Income-tax Act,1961 ['the Act' for short]. b) Addition of ₹ 4.01 lakhs on account of difference in gross receipts reported in form 26AS and that declared by the assessee. 3. The assessee is providing architectural services. In the scrutiny proceedings, the A.O. noticed that the assessee has declared long term capital gain on sale of a property. The property was sold for a sum of ₹ 1,92,00,000/- and the assessee claimed that his share is 50% thereon. Accordingly, the assessee adopted the sale consideration as ₹ 93.45 lakhs. The A.O. noticed that the value determined b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder passed by Ld. CIT(A) on this issue and restore the same to the file of the A.O. for examining the same afresh in terms of section 50C(2) of the Act. After affording adequate opportunity of being heard to the assessee, the A.O. may take appropriate decision in accordance with law. 5. The next issue relates to addition of ₹ 4.01 lakhs, being difference between gross receipts declared by the assessee and that was shown in form 26AS. 6. We heard Ld. D.R. on this issue and perused the record. We notice that the assessee is following cash system of accounting. The submission of the data before tax authorities was that his clients, who are following mercantile system of accounting, might have deducted TDS on the amount payable by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
