Security for immovable property
This query is : Resolved
Pankaj Gulati
(Querist)
13 May 2009
In a.y. 2005-2006, my client took Interest free refundable security for the entire premises by way of a/c payee cheque of Rs. 300000/- from his tenant and the same was duly disclosed in the balance sheet of my client. His wife being co-owner of the property receives 50% rent. When the case came up for scrutiny in a.y. 2007-08, the AO says that since his wife was also 50% co-owner of the property she should have received 50% of the security amount and he now wants to add 50% (i.e. Rs. 150000/-) in my client’s income in a.y. 2005-06 by way of issuing notice u/s 148. It will be not out of place to mention here that the entire amount of Rs. 300000/- was returned to the tenant in a.y. 2008-09 by cheque when he vacated the assessee’s premises. Is the action of the AO justified? thnx..
13 May 2009
A.O's action is wrong. If assessed file appeal before CIT(Appeals).
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