9911796707
TMI Blog2015 (7) TMI 1368X X X X Extracts X X X X X X X X Extracts X X X X ..... iating hardship of shifting/reshifting and agreeing to share the common area with more persons after redevelopment; as Income from other sources. 2. Under the facts and circumstance of the case and in law, the learned CIT (A) has erred in not following the judicial pronouncements cited by the Appellant. 3. Under the facts and circumstances of the case and in law, the learned CIT (A) has erred in upholding applicability of the provisions of section 14A read with Rule 8D of the Act. 4. Under the facts and-circumstances of the case and in law, the learned CIT (A) has erred in upholding the chargeability of the interest under the provisions of section 234A, 234B and 234C of the Act. 2. Apropos, ground Nos. 1 & 2, the facts of the case ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount from the developer in the F.Y. 2007-08. The said amount was credited to the capital account, but not offered for taxation in the return of income filed by the assessee. According to the A.O., under the I.T. Act, if a particular receipt is not taxable under a particular head of income, it does not mean that the receipt is exempt from tax, unless it is specifically stated to have been exempt from tax. The A.O. taxed only Rs. 18,62,501/-, being the difference of compensation received (Rs. 30,62,501/-) and the compensation and brokerage paid for alternate accommodation, of Rs. 12 lakhs. By the impugned order, the ld. CIT(A) confirmed the A.O.'s action. 4. Before us, at the outset, the ld. Counsel for the assessee has contended that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 8. In keeping with "Paranugraha Co. Op. Housing Society Ltd." (supra), and also the other case laws cited by the assessee, this contention of the assessee is accepted. The order of the ld. CIT(A) is cancelled. Ground Nos. 1 & 2 are accepted. 9. So far as regards ground No. 3, the A.O. noted that in the computation of the total income, the assessee had shown investment in shares and mutual funds. The interest and dividend income were claimed as exempt. However, no disallowance was made u/s 14A of the Act. The A.O. disallowed a sum of Rs. 1,27,465/- as per Rule 8D of the Income Tax Rules, 1962. The ld. CIT(A) confirmed the A.O.'s action. 10. The ld. Counsel for the assessee has contended that the authorities below have wrongly applied Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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