ITO v. Ms. Inderjeet Kaur

ACIT Central-2, Bhopal vs. Shri Sanjeev Agrawal, Bhopal

Bench: Shri Chandra Mohan Garg & Shri Bhagirath Mal Biyaniassessment Year: 2012-13 The Acit (Central)-2, Shri Sanjeev Agrawal, Bhopal, Mp-462011 H.No.E-2/134, Arera Colony, Vs. Bhopal, Mp-452016 Pan Adhpa8387N (Appellant) (Respondent) For Revenue : Shri P.K. Mishra, Cit(Dr) For Assessee : Shri S. S. Deshpande, Ca Shri Satyajeet Chatterjee, Ca

…el submitted that even otherwise provision of section u/s. 56(2)(vii)(b) of the Act is applicable with effect from A.Y. 2014-15 and not the present A.Y. 2012-13 therefore in view of order of ITAT Chandigarh Bench in the case ITO vs. Ms. Inderjeet Kaur (2012) 50 SOT 377 (Chd.) the addition could not have been made in the hands of assessee under any provision of the Act, applicable at that point of time for the transactions undertaken during FY 2011-12 pertaining to A.Y. 2012-13. Shri Sanjeev Agrawal Page 39 of 48 43. Placing rejoinder above the Ld. CIT(DR) submitted that in para 4.3.4 the Ld. CIT(A) noted tha…

The DCIT Circle -2, Indore vs. M/S Aadya Herbals and Organics, Indore

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri C.M. Garg & Shri Bhagirath Mal Biyaniassessment Year: 2013-14

…investment was not fully recorded in the books of account and, therefore, the AO was not justified in making addition merely on presumptive basis. Placing reliance on the order of the ITAT, Chandigarh Bench in the case of ITO vs. Mrs. Inderjit Kaur (2012) 50 SOT 377 (Chd), the ld. AR submitted that the deeming fiction created u/s 50C regarding full value of consideration received or accrued to seller, cannot be extended to the provisions of section 69, in the case of purchasers. The ld. AR finally submitted that the AO was not correct and justified in adopting the value determined by the Stamp Valuation Aut…

DCIT Central 2, Indore vs. M/S Gautamswami Enterprises, Indore

Bench: Hon’Ble Rajpal Yadav & Hon’Ble Manish Boradvirtual Hearing Assessment Year 2012-13

…the assessee being firm, the said provision is not even applicable in instant case and even otherwise provision of section 56(2) (vii) (b) is applicable w.e.f. A.Y. 2014-15 only. Hon'ble ITAT, Chandigarh Bench in the case of ITO v/s Mrs. Inderjii Kour (2012) 50 SOT 377 (Chd) has held that deeming fiction created u/s 50C regarding full value of consideration received or accrued to seller, cannot be extended to the provisions of section 69, in the case of purchasers. Such statutory legal fiction cannot be extended, to rope in the purchasers, in the context of undisclosed investment u/s 69B. It has been held that l…