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1.   Trilok Chand Girdharilal & Party Vs. Income-tax Officer, IT Appeal No. 577 of 2009, Date of Order: 21.01.2014, High Court of Rajasthan

Assessee not maintaining sale vouchers, rejection of assessee's account books and trading results by invoking provisions of section 145(3) was justified and Commissioner (Appeals) had rightly applied average gross profit rate in instant case.

When the sale vouchers have not been maintained or issued, then certainly provisions of section 145(3) can be invoked by the revenue. The assessee cannot contend that when all other things are fully proved and only because sale vouchers are lacking then book results cannot be rejected. The Assessing Officer applied gross profit rate on the basis of certain comparable cases. The Commissioner (Appeals) after appreciation of evidence on record applied average gross profit rate as declared by the assessee and the other comparable cases relied upon by the assessee as well as the Assessing Officer. Therefore, there was no other alternate with the Commissioner (Appeals) in a case like this to have adopted an average gross profit rate, which has been upheld by the Tribunal.

(Please click here for judgment)

2.   Shri Gopilal Laddha Vs. ACIT,  I.T.A. No. 1356/Bang/2012, Date of Pronouncement: 31.10.2013,  ITAT – Banglore

For the purpose section 54F, relevant date of investment in new house is the date of Registered sale deed.

The issues raised by the authorities below to deny the assessee the said exemption u/s.54F viz. (i) that the booking for the said flat was made by the assessee on 19.1.2006; (ii) that a loan of Rs.40 lakhs was taken from Syndicate Bank on 24.5.2006 towards investment in the said flat being more than one year, prior to sale acquisition of the said property on 21.7.2008, the learned Authorised Representative submits, is not material, since the assessee has acquired the new property i.e. ;the flat, only on 11.9.2008 by Registered Sale beed and not before that, Held Yes, since The assessee has been vested with the ownership of the new flat at Gokulam, Kanakpura Road only by virtue of the Registered Sale deed

(Please click here for judgment)