2021 (8) TMI 612

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.... in law the ld. Commissioner of Income-tax (Appeals) has erred in confirming 50% addition at Rs. 65,79,375/- treating it as appellant's share of investment in purchase of immovable property overlooking the facts and assessment completed with respect to same property in the case of appellant's spouse, the primary holder. 2. The impugned order is bad in law and on facts. 3. The appellant reserves the right to add, amend, alter, omit or withdraw all or any of the grounds of appeal." 2. Brief facts of the case are that assessee has not file the return of income for the assessment year under consideration. The case of the assessee was reopened under section 147 on the basis of information in AIR that assessee has purchased property worth Rs....

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....income of the husband was accepted by the assessment order dated 20/12/2018. The assessee also explained that all these facts could not be explained before AO due to non-availability of sufficient time. The assessee furnished copy of agreement of purchase of property along with registered sale deed and copy of assessment order dated 26/12/2018 in the case of her husband. The submission of the assessee was forwarded to the AO for seeking his remand report by treating those documents as additional evidence. In response thereto, the AO furnished his remand report dated 09/10/2019. In the remand report, the AO stated that explanation of the assessee regarding assessment proceedings in her husband's case was passed on 26/12/2018, however, assess....

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.... lower authorities. The Ld.AR of the assessee submits that husband of the assessee has purchased a flat in Mumbai. The name of assessee was shown as second owner. The entire payment of consideration was paid by her husband. The husband of assessee availed a loan of Rs. 70.00 lakhs from ICICI Bank. The certificate of EMI schedule issued by the ICICI bank is placed on record. The Ld.AR of the invited our attention on summary of statement of payment paid to the Builder. It was submitted that Rs. 5.00 lakhs was paid on 11/02/2009 vide cheque No. 482169, Rs. 21,31,750/- vide cheque No.482171. Further Rs. 17,54,061/- was paid on 18/03/2010 vide cheque No.748726, a sum of Rs. 70,16,244/- was paid (remitted) through bank loan account No.LBUMUM000....

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.... to 31/03/2010, 01/04/2010 to 31/03/2010, loan disbursement certificate and EMI schedule issued by the ICICI bank to the husband of the assessee, receipt of amount/consideration for flat by the builder, copy of agreement for purchase of flat in the name of assessee and her husband and copy of assessment order dated 26/12/2018 for A.Y. 2011-12 in the case of husband of assessee. 7. On the other hand, ld. DR for the revenue after hearing the submissions and going through all the documentary evidence explained by the ld.AR of the assessee would submit that he support the orders of the lower authorities. 8. We have considered the rival submissions of the parties and have gone through the orders of the lower authorities. We find that the AO re....