SRI. K. RAJANNA,BANGALORE vs. DCIT, BANGALORE
In the result, the assessee's appeal for Assessment Year 2008-09 is partly allowed
ITA 928/BANG/2014[2008-09]Status: DisposedITAT Bangalore04 Sept 2015AY 2008-09
Bench: Smt. P. Madhavi Devi & Shri Jason P. Boazi.T. A. No.928/Bang/2014 (Assessment Year : 2008-09) Sri K. Rajanna, Hoovadigara Beedhi, Hosuru Bagilu, Anekal Town, Anekal Taluk, Bangalore Dist. …. Appellant. Vs. Dy. Commissioner Of Income Tax, Circle 9(1), Bangalore. ….. Respondent. Appellant By : Shri H. Guruswamy, Itp. Respondent By : Shri P. Dhivahar, Jcit. Date Of Hearing : 21.07.2015. Date Of Pronouncement : 4.9.2015. O R D E R Per Shri Jason P. Boaz, A.M. : This Appeal By The Assessee Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-V, Bangalore Dt.24.12.2013 For Assessment Year 2008-09. 2. The Facts Of The Case, Briefly, Are As Under :- 2.1 The Assessee Filed Its Return Of Income For Assessment Year 2008-09 On 2.4.2009 Declaring Income Of Rs.13,43,590 From Business & Long Term Capital Gains (‘Ltcg’). The Return Was Processed Under Section 143(1) Of The Income Tax Act, 1961 (In Short 'The Act'). The Assessing Officer Observed That On Verification Of The Return Of Income, It Was Seen That The Assessee Was In Receipt Of Sale Consideration Of Rs.3,38,00,000 From Sale Of 12 Flats Received From The Developer Consequent To A Joint Development Agreement (‘Jda’)
For Appellant: Shri H. Guruswamy, ITPFor Respondent: Shri P. Dhivahar, JCIT
Section 133ASection 143(1)Section 143(3)Section 147Section 148Section 54
house and claimed exemption in this regard under Section 54 of the Act.
2.2 The Assessing Officer observed that in order to verify the claims of the assessee, a survey under Section 133A of the Act was conducted on 20.1.2010, in the course of which it was found that the assessee has not made investments of the sale proceeds
