2022 (9) TMI 332

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....idhar, Adv. For the Respondent : Mr.Hema Bhupal, JCIT ORDER PER G. MANJUNATHA, ACCOUNTANT MEMBER: This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-1, Madurai, dated 18.11.2019 and pertains to assessment year 2014-15. 2. The assessee has raised the following grounds of appeal: 1. The Order of the CIT(A) as well as th....

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....roperty could not be sold by Sri C. Ramaraj immediately and realize the loans given. In order to protect his interest Sri C. Ramaraj had executed the sale deeds in favour of his son, Sri C. R. Rajaram. On the advice of the legal counsel, in order to protect the future disputes and litigation, the Appellant's name also was included in the said Purchase Deed, as he is the best friend of Sri C.R.....

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....s made and tax levied thereon and related interest on the said tax may be deleted and justice rendered. 3. The brief facts of the case are that the assessee is an individual and is carrying on the profession as an LIC agent. The assessee has field its return of income for the AY 2014-15 on 29.11.2014 declaring total income at Rs.4,75,310/-. The case was taken up for scrutiny. During the course ....

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....used the materials available on record and gone through orders of the authorities below. The facts borne out from the record are indicate that the assessee had purchased property along with co-owner, Mr.C.R.Rajaram, for a consideration of Rs.36 lakhs and the guideline value of the property as per the stamp duty authorities was at Rs.68,03,167/-. The AO has made addition u/s.56(2)(vii)(b)(ii) of th....