2025 (9) TMI 1012

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....ual and did not file the return of income for AY 2014-15. The AO received information that the assessee despite having multiple financial transactions has not filed the return of income and accordingly issued a notice under section 148 of the Act. The assessee in response to notice under section 148 filed the return of income declaring a total income of Rs. 51,67,901/-. The AO called on the assessee to furnish various details pertaining to the financial transactions mainly with respect to property transactions entered into by the assessee during the year under consideration. On perusal of the purchase agreement submitted by the assessee with regard to the purchase of property at Flat No. 1501, Aspean Mahindra Eminente, Goregaon (West), Mumb....

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....sider the without prejudice objections raised before the DRP. The Tribunal vide order dated 26.09.2023 (ITA No. 646/Mum/2023) directed the DRP to decide the rectification petition in accordance with law. The DRP subsequently dismissed the rectification petition stating that the alternate plea cannot be considered since the additional cost of acquisition can be claimed only through the return of income by relying on the decision of Hon'ble Supreme Court in the case of Goetze (India) Ltd. v. CIT [2006] 157 Taxman 1/284 ITR 323. The assessee is in appeal before the Tribunal for the second time against the final order passed by the AO pursuant to the directions of the DRP. The assessee raised various grounds contending the impugned addition....

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....d the property for a consideration of Rs. 1,76,98,200/-. The said property is sold for a consideration of Rs. 2,33,00,000/- and the assessee after claiming the cost of acquisition (including Stamp Duty & Registration charges) of Rs. 1,88,41,700/- offered STCG of Rs. 44,58,300/-. The AO noticed that the Stamp Duty value of property at the time of purchase is Rs. 2,22,60,470/- and accordingly made an addition of Rs. 45,62,270/- under section 56(2)(vii)(b) of the Act. The assessee before the DRP raised a without prejudice contention that the amount added under section 56(2)(vii)(b) should be allowed as a deduction as part of cost of acquisition in the computation of STCG. The DRP rejected the plea of the assessee on the ground that the same ca....