2019 (7) TMI 2069

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....the ease arid in la', the learned A.O. erred in passing the order u/s 143(3) r.w.s 147 only on the basis of information received from DDIT (Inv) Unit-9(3), therefore rendering the whole assessment bad in law which is based on borrowed satisfaction. 2. The facts and the circumstances of the case and in law, the learned A.O. erred in disregarding the fact that the society was the owner of the flat as on 31/03/2006 and not the Appellant and therefore no addition could be made in the A.Y. 2006-07. 3. In the facts and the circumstances of the case and in law. the learned A.O. erred in adopting the date of the sale agreement executed on 23/08/2005 between the society and the developer as the date of transfer of flat to the A....

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....elete the interest charged u/s 234 and initiation of penalty u/s 271(1)(c). * The appellant reserve rights to add alter or delete any portion of this appeal before its conclusion. * This appeal is filed in time and may please be allowed in full. * A Detailed paper book along with case laws will be submitted at the time of hearing " 3. The brief facts of the case are that the assessee filed her return of income on 21.06.2006 declaring taxable income to the tune of Rs.1,09,712/- for the A.Y.2006-07. The return was processed u/s 143(1) of the I.T. Act, 1961. The case of the assessee was reopened by way of issuance of notice u/s 148 dated 03.03.2014 after recording the reasons mentioned below: - ""In this ....

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....e assessee has escaped assessment within the meaning of the provisions of Section 147 of the I T. Act, 1961. The case is being reopened by way of issue of notice u/s 148 of the IT Act." 4. In reply to the notice, the assessee filed the reply and after considering the reply of the assessee, the amount in sum of Rs.19,18,875/- was added to the income of the assessee which was considered as value of flats in view of the provisions u/s 56(2)(v) of the Act. Feeling aggrieved, the assessee filed an appeal before the CIT(A) who confirmed the addition of the AO, therefore, the assessee has filed the present appeal before us. 5. However, the assessee has taken the multiple grounds but the main ground is in connection with the addition....

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....ever, 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 Year 2006-07. Notably, Finance (No. 2) Act, 2009 amended Sec. 56(2) of the Act by inserting a new clause (vii) to provide that the value of any property received without consideration or for an inadequate consideration will also be taxed as 'income from other sources'. The said amendment is effective from 1.10.2009. In any case, it is not a case of Assessing Officer that assessee has received any imm....