TaxTMI 
TaxTMI 
2017 (9) TMI 1597
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....f CIT(A) -35, Mumbai the assessee has filed the present appeal. Assessee, an individual filed her return of income on 30/07/2010, declaring total income of Rs. 3. 23 lakhs. The Assessing officer(AO)completed the assessment on 29/3/1, u/s. 143(3) of the Act, determining her income at Rs. 73. 23 lakhs. 2. Effective Ground of appeal is about treating loan of Rs. 70 lakhs as gift u/s. 56 (2)(vi) of t....
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....tes i. e. 3% for 1st five years, 5% for another 5 years and 7. 5% for the remaining 5 years, that the assessee had repaid Rs. 1 lakhs to the lender on 30/12/2010 and 10/03/2011, that the assessee was not having sufficient income to repay the loan amount in the specified years as per the loan agreement, that the source of income of the assessee was not commiserating with the liability credited by h....
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....ns of section 56 (2)(vi)of the Act . After considering the submission of the assessee , dtd. 9/3/2012, the AO held that same was not acceptable, that the husband of the alleged loan creditor was also an allottee on the same floor of the assessee, that she had no capacity to repay the loan, that the intention of the loan creditor was malafide, that the explanation of the assessee was a lineal dece....
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....of transaction from loan to gift could not be unilaterally changed when the assessee as well as lender had confirmed the transaction. He referred to the case of Chardrakant S. Shah (124 ITD 177) that was confirmed by the Hon'ble Bombay High Court on 06. 09. 2010 (Income tax Appeal No. 3154 of 2009). The Departmental Representative(DR) stated that the FAA had passed the order after applying his....