Dismissing the appeal of the assessee the Tribunal held that ; all parties admitted that exchange of some furniture was involved but cost involved was much lesser than amount shown by assessee. persons also admitted that main purpose of agreement for sale of furniture was to reduce stamp duty involved in transaction and the assessee did not dispute statement of these persons with whom agreement to sale was executed. Accordingly the excess amount shown on sale of furniture is held to be assessable as cash credits .( AY.2013-14)
Devinder Kumar. v. ITO (2018) 172 ITD 103 (Delhi) (Trib.)
S.68: Cash credits- Sale of furniture -Cost was very less- Amount shown more for sale of furniture to evade stamp duty- Parties admitted that exchange of some furniture was involved but cost involved was much lesser than amount shown by assessee – Excess amount shown on sale of furniture is held to be assessable as cash credits .[ S. 2(14)(ii),45 , 54, 131 ]