2019 (1) TMI 533

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e assessee, in his cross objections, has agitated the additions as sustained by Ld. first appellate authority and also contested the confirmation of penalty u/s 271(1)(c) by way of a separate appeal. 2. Facts in brief are that the assessee being resident individual has been assessed by Ld. Income Tax Officer-9(3)(3), Mumbai [AO] u/s 143(3) on 20/12/2010 wherein the income of the assessee has been assessed at Rs. 54.16 Lacs after certain additions as against returned income of Rs. 10 Lacs filed by the assessee on 31/07/2016. The assessee has suffered following quantum additions:- No. Nature Amount (Rs.) 1. Addition on account of House Property Income 61,890/- 2. Addition on account of Interest & Bank Charges 6,04,069/- 3. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....peal. 5. So far as the contentions raised by Ld. DR is concerned, we find that aforesaid circular does not envisage obtaining of any certificate from any authorities, in any manner. Nevertheless, the revenue is free to move appropriate application to recall this order, if at a later stage, it is found that the matter is covered by any exceptions provided in the aforesaid circular or in case the tax effect of the quantum additions as agitated by revenue exceeds the prescribed monetary limit. 6.1 Facts qua interest additions are that during impugned AY, the assessee earned interest income of Rs. 1.32 Lacs from certain loans & savings bank account and reflected the same as Income from other sources. Against the same, it claimed interest paid....