2017 (1) TMI 1862

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....ppeal by the assessee is directed against the order of CIT(A)-9, Mumbai dated 29.03.2016, pertaining to the Assessment Year 2006-07, which in turn has arisen from the order passed by the Assessing Officer, Mumbai dated 18.02.2014 under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short 'the Act'). 2. Although the assessee has raised multiple Grounds of appeal, but the only grievanc....

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....50,00,000/- and the society relinquished its right in the property situated at Mira Road. Subsequently, by way of an agreement dated 17.8.2005, society invested the said amount of compensation with a builder, namely M/s. Emerald Realtors Pvt. Ltd. for construction of 27 flats at Dheeraj Diamond, Malad (W), New Link Road. The society through a Special General Body meeting held on 11.6.2006 allotted....

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....that for assessment year under consideration, only 'any sum of money' is covered by Sec. 56(2)(v) of the Act whereas the Assessing Officer has sought to include the value of right to get a flat, which is not permissible for the instant assessment year. 5. On the other hand, the ld. DR appearing for the Revenue has merely pointed out that assessee has received the flat free of cost and, therefor....

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....t consideration was liable to be assessed. So however, it is not the case of Assessing Officer that assessee has received the amount of Rs. 18,61,648/- in the shape of money. The case made out is that assessee has obtained a right to get a property free of cost. Quite clearly, the same is not a 'sum of money' which is liable to be included in Sec. 56(2)(v) of the Act as it stood for Assessment Yea....