https://www.taxtmi.com/caselaws?id=774974 ITAT Mumbai held that addition under section 56(2)(vii)(b) for inadequate consideration in property purchase was deleted as this provision was effective from A.Y. 2014-15, making its application to A.Y. 2012-13 unlawful. Regarding deemed rental income, the tribunal directed AO to determine annual lettable value under section 23 instead of estimating 8% of property value, allowing section 24 deductions. The matter was remanded for recomputation with reasonable opportunity to assessee. For loan additions due to lack of creditworthiness evidence, the issue was set aside to AO for fresh adjudication as assessee partially complied but failed to produce critical documents. AO was directed to provide reasonable hearing opportunity and assessee was expected to remain cooperative for expeditious disposal. en-us Mon, 30 Jun 2025 00:00:00 +0530 Thu, 17 Jul 2025 08:19:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774974 ITAT Mumbai held that addition under section 56(2)(vii)(b) for inadequate consideration in property purchase was deleted as this provision was effective from A.Y. 2014-15, making its application to A.Y. 2012-13 unlawful. Regarding deemed rental income, the tribunal directed AO to determine annual lettable value under section 23 instead of estimating 8% of property value, allowing section 24 deductions. The matter was remanded for recomputation with reasonable opportunity to assessee. For loan additions due to lack of creditworthiness evidence, the issue was set aside to AO for fresh adjudication as assessee partially complied but failed to produce critical documents. AO was directed to provide reasonable hearing opportunity and assessee was expected to remain cooperative for expeditious disposal. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774974