THE DCIT, 1(1), UJJAIN vs. M/S. BHOOMIYAJI LAND & FINANCE CO., DEWAS

ITA 412/IND/2013Status: DisposedITAT Indore31 January 2018AY 2007-0828 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that only the profit on suppressed sales is taxable and confirmed the addition of net profit at 8% on total sales, following past consistent views. It also upheld the deletion of disallowance for plot booking cancellations and payments to a state government undertaking.

What were the facts?

The assessee, engaged in land development and construction, was subject to survey proceedings. The Assessing Officer (AO) made additions for suppressed sales and unverified creditors. The Commissioner (Appeals) provided partial relief.

What were the issues?

The key issues involved the estimation of suppressed sales, the disallowance of expenses for projects eligible for deduction, and the taxability of plot booking cancellations and payments to a state government undertaking.

Which sections of the Income-tax Act were involved?

Section 133A,Section 145(3),Section 40(a)(ia),Section 80IB(10)

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Cases cited in this judgment(5)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

आयकर अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर

IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE

BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2006-07

M/s. Bhomiyaji Land & Finance ACIT -1(1), Co. Ujjain बनाम/ 123, Tukoganj, NayapuraChowk, Vs. Dewas. (Appellant) (Revenue ) P.A. No.AACFB9350N Assessment Year: 2006-07

DCIT -1(1), M/s. Bhomiyaji Land & Ujjain Finance Co. बनाम/ 123, Tukoganj, Vs. NayapuraChowk, Dewas.

(Appellant) (Revenue ) P.A. No. AACFB9350N Assessment Year: 2007-08

M/s. Bhomiyaji Land & Finance ITO Co. Dewas बनाम/ 123, Tukoganj, NayapuraChowk, Vs. Dewas. (Appellant) (Revenue ) P.A. No.AACFB9350N

Bhoomiyaji Land & Finance Assessment Year: 2007-08

DCIT -1(1), M/s. Bhomiyaji Land & Ujjain Finance Co. बनाम/ 123, Tukoganj, Vs. NayapuraChowk, Dewas. (Appellant) (Revenue ) P.A. No. AACFB9350N Assessment Year: 2008-09

M/s. Bhomiyaji Land & Finance ITO Co. Dewas बनाम/ 123, Tukoganj, NayapuraChowk, Vs. Dewas. (Appellant) (Revenue ) P.A. No.AACFB9350N Assessment Year: 2008-09

DCIT -1(1), M/s. Bhomiyaji Land & Ujjain Finance Co. बनाम/ 123, Tukoganj, Vs. NayapuraChowk, Dewas. (Appellant) (Revenue ) P.A. No. AACFB935

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