2017 (12) TMI 1167

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....se appeals by this common order, for the sake of convenience. ITA No.2232/Mum/2013 2. Original grounds of appeal taken by the assessee are as under : "1. Whether on fact and in the circumstance of the case, The Ld. CIT (Appeal) has erred in dismissing the appeal of Appellant when all the relevant documents and other details as called for by Assessing officer was produced by the Assessee before the Assessing officer at the time of Assessment under section 143(3) of the Income Tax Act 1961 . 2. Whether on fact and in the circumstance of the case, The Ld. CIT (Appeal) has erred in dismissing the appeal with quantum of Assessable amount is enhanced by mere valuation report by Valuation officer without considering the oth....

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....ncome at Rs. 74,45,788/- altogether the same is not as per the provisions of Section 45 to 55A of Act. 6. Without prejudice to grounds of appeal no. 2 &3, and on the facts and in the circumstances of the case and in law, the learned C.LT.CA) erred in confirming the adoption of the sale value of the house property sold at Rs. 82,00,000/- and also further erred in directing the A.O. to take the sale value at an enhanced figure of Rs. 94,99,000/- for the purposes of computation of capital gains income. 7. Without prejudice to grounds of appeal no. 2 &3, and on the facts and in the circumstances of the case and in law, the learned C.LT.(A) erred in confirming the adoption of the purchase cost of the house property transferred ....

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....IT(A). The perusals of the record reveals that all these issues were emanating out of the assessment record and therefore these are to be admitted in view of the ratio laid down by the Hon'ble Supreme Court in the case of NTPC(Supra). By respectfully following the decision of Apex Court (supra), we admit the additional grounds for adjudication. 6. Facts of the case are that return of income filed by the assessee on 2.12.2009 declaring total income of Rs. 2,52,560/-. The case of the assessee was selected for scrutiny and notices u/s 143(2) and 142(1) of the Act were issued and served upon the assessee. The assessee in the present case is a partner in M/s Himmat Country Bar and also derives income from commission charges, interest and othe....

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....ed before the FAA, who also confirmed the action of AO on the point of applicability of section 50C of the Act and also accepted the letter dated VO-II/Mum/CGT/693/2011-12/156 dated 17.9.2012 informing the FMV of the property at the relevant point of time was Rs. 1,89,98,000/- thereby enhancing the assessment. Against this enhancement, the assessee is in further appeal before this Bench. 7. The ld.AR also raised the issue that the ld.CIT(A) has not considered the evidences filed by the assessee and cost of acquisition. The ld AR contended that the consideration has been taken only to the tune of payment by the assessee under the direction of Court to the landlord as tenant as he was the tenant since 1.11.1997. The ld. AR also submitted t....