M/S. BHUMI NIRMAN PVT. LTD.,KOLKATA vs. I.T.O., WARD - 10(4), KOLKATA, KOLKATA

ITA 1166/KOL/2024Status: DisposedITAT Kolkata16 October 2024AY 2015-2016Bench: SRI SANJAY GARG, JUDICIAL MEMBER & SRI SANJAY AWASTHI (Accountant Member)7 pages
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What did the Tribunal hold?

The Tribunal held that the assessee had disclosed transactions and proved the genuineness of losses. The additions related to property sale profit and losses were directed to be deleted, and the benefit of indexation was to be allowed. The Section 14A disallowance was also deleted as no exempt income was earned.

What were the facts?

The assessee declared a certain income, but the Assessing Officer (AO) added a significant amount for alleged undisclosed profit from property sale and also made a disallowance under Section 14A. The Commissioner (Appeals) upheld the AO's order.

What were the issues?

Whether the AO correctly treated the sale of property as undisclosed profit and disallowed expenses under Section 14A without exempt income.

Which sections of the Income-tax Act were involved?

Section 14A,Section 271(1)(c)

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Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA

Before: SRI SANJAY GARG & SRI SANJAY AWASTHI

Per Sanjay Awasthi, Accountant Member:

In this case there is a delay of 298 days in filing of this appeal, for which the appellant has filed a petition for condonation of such delay as under: “The appellant do hereby most respectfully submits before your honours that in the present case, the appellate order is dated 29.05.2023. Accordingly the last date to file the appeal was 28.07.2023. As such there appears a delay of 293 days in filing the appeal. From the e-filing portal it appe

The order continues below.

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