2025 (9) TMI 237

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....PUN/2025 is filed by the Assessee against the Order of the Commissioner of Income tax (appeal) (NFAC) under section 250 of the Income Tax Act, 1961 for A.Y.2014-15 dated 18/02/2025 emanating from penalty order u/s. 271(1)(c) of the Act dated 23/09/2022. 3. We first take up ITA No.1565/PUN/2025 relating to the quantum addition. Assessee has raised following grounds of appeal: 1. On the facts and circumstances of the case and in law Learned Assessing Officer erred in Passing order under section 147 rws 144 where in an addition of Rs. 5 Crore was made on account of long-term capital gain without realizing the fact that the transaction arising out of development agreement reported by Registrar does not pertains to appellant and ther....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Mohan Divgi and Mr. Mohan Narsingrao Divgi. The said sale deed is duly registered. Ld. AR submitted that as per the sale deed, the impugned property was in the name of Mr.Dattatraya Pandurang Shinde who is assessee's husband. Entire amount was paid by Mr.Dattatraya Pandurang Shinde. Therefore, assessee did not have any ownership of the property. Ld. AR invited our attention to page 53 which is property receipt issued by Pune Municipal Corporation which is in the name of Mr. Shinde Dattatraya Pandurang. Ld. AR also invited our attention to page 51 which is a certificate u/s. 269UL(3) of the Income-tax Act wherein it is specifically mentioned that the impugned property is in the name of Mr.D.P. Shinde. 4.1 Ld. AR then invited our attentio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....0 crore under the head 'Long Term Capital Gain'. Aggrieved by the same, assessee filed appeal before ld.CIT(A). Assessee made elaborate submissions before ld.CIT(A). Ld.CIT(A) as per Rule 46A called for a remand report from the AO which is part of the order. Ld.CIT(A) held that since assessee's name appears as co-owner even if funds have been paid by her husband who is the primary owner of the property, the assessee was required to be taxed and assessee failed to prove that the entire consideration has been assessed in the hands of assessee. 7. Aggrieved by the order of ld.CIT(A), assessee filed appeal before this Tribunal. 8. We have perused the assessment order and the paper book filed by the assessee. It is observed that the impugn....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e amount shall be paid to the respective banks on or before 31.03.2014." 10. Nowhere in the Development Agreement, it is mentioned that 'Consenting Party' has received any amount. Ld. DR has not rebutted this fact. It is not the case of the ITO that a 'Consenting Party' ahs received any amount. It is a fact that Assessee is not owner of the property and Assessee do not have any rights in the property as per Purchase Deed dated 06.11.2000 and Development Agreement dated 25.01.2014. It is a fact as emanates from the Development Agreement that the assessee has not received any amount out of sale consideration of Rs. 10.00 crore. Therefore, no income has accrued to the assessee for A.Y. 2014-15 and hence no addition can be made on account of....