2020 (2) TMI 165

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....nd Mr.Sham Walve, learned standing counsel, revenue for the respondent. 3. This appeal under Section 260A of the Income Tax Act, 1961 ("the Act" for short) has been preferred by the assessee against the order dated 24.08.2016 passed by the Income Tax Appellate Tribunal, Mumbai Bench "A", Mumbai ("Tribunal" for short) in ITA No. 4511/Mum/2016 for the Assessment Year 2009-10. 4. Though the appellant has proposed as many as five questions, after hearing learned counsel for the parties and after going through the materials on record, we feel that the following substantial question of law covers the controversy in question. "Whether on the facts and in the circumstances of the case and in law, Tribunal was justified in confirming the addit....

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....e assessee submits that assessee was the tenant of the property in question. A Memorandum of Understanding (MOU) was entered into between the assessee and M/S. Carlton Coats Pvt. Ltd., the owner of the property, on 02.07.2007. Thereafter, the property was sold on 18.07.2008 to M/S. Valison & Co.. To settle the claims of the assessee, an amount of Rs. 50 lakhs was paid by M/S. Carlton Coats Pvt. Ltd. to the assessee. Though the said amount was disallowed by the Assessing Officer in the case of M/S. Carlton Coats Pvt. Ltd., Tribunal vide the appellate order dated 18.03.2016 set aside the order of the Assessing Officer and directed that the amount of Rs. 50 lakhs paid by M/s.Carlton Coats Pvt. Ltd. to the assessee be allowed as a deduction und....

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....viz. Shri Amol C. Shah (HUF) on 02.07.2007. The stamp paper on which the MOU was written was issued on 21.06.2007. There was nothing to show that the MOU was fabricated or ante-dated. The property in question was disclosed in all the returns of income by M/s. Carlton Coats Pvt. Ltd. starting from the assessment year 1993-94 to the assessment year 2009-10. This property was also reflected in the income tax returns of the tenant i.e. the present assessee in all the assessment years covering the said period. On that basis Tribunal in the appeal of M/S. Carlton Coats Pvt. Ltd. had returned a finding of fact that the property in question was under the occupation of the tenant i.e. the present assessee. 15. In the light of the above finding retu....