IT : Where assessee on date of sale of long-term capital asset owns more than one residential house even jointly with another person, benefit under section 54F in respect of capital gain arising from sale of asset was to be rejected
IT : Where assessee neither produced alleged creditor, nor produced confirmation letter from him, amount standing to credit of such creditor was to be treated as undisclosed income of assessee
■■■
[2015] 53 taxmann.com 318 (SC)
SUPREME COURT OF INDIA
M.J. Siwani
v.
Commissioner of Income-tax, Bangalore*
ANIL R. DAVE AND KURIAN JOSEPH, JJ.
SPECIAL LEAVE TO APPEAL (C) NOS. 24094 TO 24097 OF 2014†
NOVEMBER 10, 2014
Section 54F of the Income-tax Act, 1961 - Capital gains (Ownership of more than one house) - Assessment year 1997-98 - High Court by impugned order held that where assessee on date of sale of long-term capital asset owns more than one residential house even jointly with another person, benefit under section 54F in respect of capital gain arising from sale of asset was to be rejected - Whether special leave petition filed against impugned order was to be dismissed - Held, yes [In favour of revenue]
Section 68, read with section 158B, of the Income-tax Act, 1961 - Cash credit - Assessment year 1998-99 - Assessee showed an amount as credit in name of one 'G' - During block assessment, Assessing Officer asked assessee to furnish documentary evidence in respect of this amount - However, assessee did not submit confirmation letter from 'G' nor did he produce him - High Court by impugned order held that said amount was to be treated as undisclosed income of assessee - Whether special leave petition filed against impugned order was to be dismissed - Held, yes [In favour of revenue]
IT : Where assessee neither produced alleged creditor, nor produced confirmation letter from him, amount standing to credit of such creditor was to be treated as undisclosed income of assessee
■■■
[2015] 53 taxmann.com 318 (SC)
SUPREME COURT OF INDIA
M.J. Siwani
v.
Commissioner of Income-tax, Bangalore*
ANIL R. DAVE AND KURIAN JOSEPH, JJ.
SPECIAL LEAVE TO APPEAL (C) NOS. 24094 TO 24097 OF 2014†
NOVEMBER 10, 2014
Section 54F of the Income-tax Act, 1961 - Capital gains (Ownership of more than one house) - Assessment year 1997-98 - High Court by impugned order held that where assessee on date of sale of long-term capital asset owns more than one residential house even jointly with another person, benefit under section 54F in respect of capital gain arising from sale of asset was to be rejected - Whether special leave petition filed against impugned order was to be dismissed - Held, yes [In favour of revenue]
Section 68, read with section 158B, of the Income-tax Act, 1961 - Cash credit - Assessment year 1998-99 - Assessee showed an amount as credit in name of one 'G' - During block assessment, Assessing Officer asked assessee to furnish documentary evidence in respect of this amount - However, assessee did not submit confirmation letter from 'G' nor did he produce him - High Court by impugned order held that said amount was to be treated as undisclosed income of assessee - Whether special leave petition filed against impugned order was to be dismissed - Held, yes [In favour of revenue]
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