2014 (7) TMI 292

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....right in the residential flat No. 2A in Azad Building at Oomer Park, Bhulabhai Desai Road, Mumbai 400 026 is taxable under the head "Income from Other Sources", citing lack of proof of acquisition of a capital asset in the form of tenancy rights and in holding that the said receipt is not a Capital Gain. 1. 2. On the facts and in the circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) erred in ignoring the evidences such as your appellant holding a ration card, MTNL Phone connection and electricity connection of the said tenanted premises and insisting that only a tenancy agreement would prove that your appellant was holding tenancy right in the said property. Also ignoring the stamped document entered ....

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....n the circumstances of the case and in law the learned Commissioner of' Income Tax (Appeals) erred in failing to appreciate that what is appearing in the Balance Sheet of your appellant for A. Y. 2009-10 was only an advance of Rs. 24, 01, 000/- paid towards booking of flat to Trishul Corporation which was under construction and had not been completed as on 3 1. 3. 2009 and hence it could not be regarded as a residential house as envisaged in the proviso (a) to sec. 54F of the I. T. Act as the income from the same is not chargeable to income from house property. 2. 3. On the facts and in the circumstances of the case and in law the learned Commissioner of Income Tax (Appeals) erred in failing to appreciate that your appellant though paid ....

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.... had acquired the tenancy right on 01. 04. 1990 along with the agreement. He also directed the assessee to produce the proof of exchange of Rs. 80 lakhs. As per the AO, assessee had not produced any agreement for purchase of tenancy rights, that only proof produced by it was a copy of ration card issued on 16. 03. 2003, that a copy of electricity bill for the period 06. 10. 1993 to 07. 12. 1993 was also produced. AO vide his letter dated 28. 09. 2011 further asked the assessee to produce proof of relinquishment of tenancy rights to ascertain the total amount of consideration received. In response to the same, as per the AO, the assessee produced a copy of ordinary receipt of Rs. 80 lakhs towards the total consideration for transfer of tenan....

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.... the period from 2002 to 2007. 5. Photocopy of MNTL bill for the period 1. 4. 1993 to 10. 05. 1993. 6. Photocopy of passport of Mr. Hitesh J. Parikh issued on 1. 2. 2000 showing residential address as that of the tenanted premises. 5. It was argued before us, assessee was holding tenancy right of a Flat, that after selling the tenancy rights of the old property he had shifted to new place, that all the papers related with old property were destroyed as same were thought to be of no use, that by the time assessment proceeding started he had almost destroyed all the papers, that only after the order of the AO and FAA he tried to collect necessary documents from various govt. agencies, that he obtained a certificate from the his old l....

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....made enabling the Tribunal to admit the additional evidence in its discretion if the Tribunal holds the view that such additional evidence would be necessary to do substantial justice in the matter. Once it is found that the party intending to lead evidence before the Tribunal for the first time was prevented by sufficient cause from leading such an evidence and that this evidence would have a material bearing on the issue which needs to be decided by the Tribunal and the ends of justice demand admission of such an evidence, the Tribunal can pass an order to that effect. In the case under consideration the assessee had left the premises and shifted to a new place. So, a place like Mumbai where there is acute shortage of space, it is natu....