Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)93TTJ(Asr.)909
1. This appeal of the Department and the cross-objection of the assessee are directed against the order passed by the learned CIT(A), Jalandhar, dt. 22nd Aug., 2000, relevant to the asst. yr. 1993-94. "1. That on the facts and the circumstances of the case, the learned CIT(A) has erred in deleting the addition of Rs. 76,957 made by the AO on account of long-term capital gains on transfer of a house. 1A. While doing so, the learned CIT(A) has failed to appreciate the facts of the base that neither the new house has been constructed within the prescribed period nor sale proceeds of old house utilised for construction of new house nor the capital gain therefrom was kept in a specified deposit before the scheduled date." 3. The facts indicate that in this case when the investment in the house property (Honey Cottage, R.B. Jodhamal Road, Hoshiarpur) was being examined, it was explained that the major part of funds had come from sale of old house situated in Bahadurpur, Hoshiarpur. It was c...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2005)96TTJ(Asr.)914
1. This appeal by the Revenue emanates from the order passed by the CIT(A) on 25.5.1999 in relation to the assessment year 1996-97.2. First ground deals with the deletion of addition of Rs. 1,25,08,000/-. The facts leading to this controversy are that the assessee had credited its profit and loss account with Rs. 45,08,000/- as Expert Incentive (Advance licence) and Rs. 80,00,000/- as expected premium on sale of special import licence entitlements. However, in the computation of total income for the purposes of income tax, these two amounts were reduced On being called upon to explain the reasons for the reduction, it was stated on behalf of the assessee that these amounts were not in the nature of income accrued in this year but were credited to the profit & loss account to show more profits to its bankers. The AO by considering the decision of the Hon'ble Gauhati High court in the case of Dhansiram Agarwalla v. CIT (1993) 201-ITR-192 (Gauhati) and the dismissal of SLP against th...
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