TaxTMI 
TaxTMI 
2021 (1) TMI 1018
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....t appeal against the order dated 27.06.2018 passed by the Commissioner of Income Tax (Appeals)-48, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the A.Y. 2010-11. 3. The assessee has raised the following grounds:- "I. The Assessing Officer erred in view of the facts and in the circumstances of the case in reopening the assessment for the said year u/s. 147. The said reopening is bad in law and the assessment made in pursuance to the same may be held to be void ab initio 2. The Assessing Officer erred in view of the facts and in the circumstances of the case in making an addition of a sum of Rs. 6,51,000/- as estimated deemed income on Security deposit for the period of 12 months. In law, no such addition ....
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....,000/- works out considering 10 of interest received of Ps. 12,50,000/- out of which assessee's share is Rs. 6,25,000/-. being 5U share in the property. In view of the facts the amount of Rs. 6,25,000/- on account of benefit derived from the deposit remained to be considered for determination of fair rental value of the property on account of assessee's failure for not disclosing fully and truly material facts. In view of the above facts, I have reason to believe that income chargeable to tax to the extent of Rs. 6,25,0001-for determining fair rental value on the property has escaped assessment for AY 2010-11 by reason of the failure on the part of the assessee to disclosed fully and truly all material facts necessary for a....
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....d over to you on 26.09.2008. The onus to prove that the possession of the flat was given to you on 26.09.2008 or any cate thereafter is on you. Therefore, it is requested to provide all necessary evidence to prove that you take possession of property on or after 26.09.2008 The proof could be first electricity bill, telephone bills, society maintenance charge or any other reliable evidence that can establish your claim of taking Possession of property only on or after 26.09.2008 and not before. 2. Copy of agreement entered into by you on 02.11.2007. 3. Details of housing loan of Rs. 50 lacs on 27.08.2002 including details of payment of the loan with documentary evidence 4. Status of the following properties with re....
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....95.000/- per month and deposit of Ps. 1,25,00,000/-. The property is jointly owned by the assessee and her husband Shri. Ramesh Sharma. The deposit amount received is found to be disproportionately high as compared to tent offered for taxation. The benefit derived by the assessee from this deposit has to be considered for determining fair rental value. This fact was not disclosed by the assessee during original assessment. The benefit derived from the deposit of Rs. 1,25,00,000/- works out considering 10 of interest received of Ps. 12,50,000/- out of which assessee's share is Rs. 6,25,000/-. being 5U share in the property. In view of the facts the amount of Rs. 6,25,000/- on account of benefit derived from the deposit remained to be con....
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....e assessee to make fully to disclosure of all the materials facts necessary for assessment. In the instant case all the material fact has already been disclosed by assessee. Moreover, after the issuance of notice dated 30.12.2012, the assessee has furnished the reply also and after the satisfaction the matter of controversy has been decided. Since the assessee was not failure to for the disclosure of all the material facts necessary for assessment, therefore, the reopening is also bad in view of the decision in the case of (i) Phool Chand Bajrang Lal Vs. ITO 203 ITR 456, 477(ii) ALA Firm Vs. CIT 189 ITR 285, 298(iii) Indian and Eastern Newspaper Society Vs. CIT 119 ITR 996, 1004 & ITO Vs. Lakhmani Mewal Das 103 ITR 437, 445. On appraisal of....