TaxTMI 
TaxTMI 
2016 (1) TMI 1204
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....t, 1961 (for short "the Act"). ITA no.7524/Mum./2011 2. At the outset, it needs to be mentioned that the Registry has pointed out delay of 360 days in filing the appeal. The assessee has filed an application dated 16th October 2011, along with affidavit of the partner explaining the cause of delay. It is the contention of the learned counsel that there was change in the constitution of the firm in assessment year 2007-08 and 2008-09. Subsequently, as a result of inter-se dispute between the continuing as well as retired partners necessary papers / documents required for filing the appeal could not be obtained by the new partners which resulted in delay in filing the appeal. In this context, learned counsel has drawn our attention to the ....
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....out of opening balance of loan Rs. 3,50,000/-. 2. That the learned Commissioner of Income Tax Appeals has further erred in confirming the addition of Rs. 20,00,000/- as profit on sale of property without providing proper opportunity of being heard, whereas the amount of Rs. 14,22,114/- as credited to profit and loss account represents notional sum added to the value of firm's property on account of revaluation and there was no transfer of any property during the relevant previous year. Further the sum of Rs. 14,22,114/- though offered as taxable income can not form part of taxable income as this sum represents only difference on revaluation. 3. That the learned Commissioner of Income Tax Appeals has further erred in confirming the d....
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....amount of Rs. 20 lakh towards profit on sale of property on an estimate basis by stating that assessee has not furnished any details like sale deed / purchase deed to substantiate its claim. As far as rental income shown by the assessee, the Assessing Officer also estimated the same at Rs. 6 lakh by disallowing the deduction claimed by the assessee. Being aggrieved of the assessment order so passed, assessee preferred appeal before the learned Commissioner (Appeals). 9. The learned Commissioner (Appeals) also confirmed the additions made by the Assessing Officer observing that assessee has failed to establish its claim. 10. Learned Counsel for the assessee submitted before us that the Assessing Officer has completed the assessment ex-part....
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....d the submissions of both the parties. On a bare perusal of the assessment order and the order passed by the first appellate authority, prima-facie, it appears that disallowances / additions have been made solely for the reason that assessee was not able to produce necessary evidence to substantiate its claim. Undisputedly, assessment in the case of assessee was completed under section 144 of the Act. It is also evident that the additions / disallowances made by the Assessing Officer are either on estimate basis or for the reason that supporting evidences are not available. The learned Commissioner (Appeals) has also confirmed the additions / disallowances more or less accepting the reasoning of the Assessing Officer by observing that asses....