2024 (8) TMI 1633

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....was emanated from the order of the Ld. Income-tax Officer, Ward 25(3)(4), Mumbai passed under section 143(3) read with section 147 of the Act, date of order 30/03/2015. 2. The assessee has raised the following grounds of appeal:- "[A] Grounds of Appeal Before the Honourable ITAT 1. In the facts and the circumstances of the case and in law, 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 a) borrowed satisfaction b) After a gap of four years c) Without disposing the objections of the Appellant about the date of recording reasons for reopening....

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....aring." 3. The brief facts of the case are that the assessee is a member of the Society named "Greater Bombay Housing Society Ltd". After the settlement in society, the assessee was allotted the property in the Flat A-302 at Dhiraj Diamond, Malad (W). Accordingly, the assessee received a free property which is including Rs. 17,70,000/- being cost of the flat Rs. 72,300/- being stamp duty,Rs.17,700/- being registration charges Rs. 45,600/- being other charges and Rs. 13,275 being development charges. Considering all amounts, the total amount comes amount to Rs. 19,18,875/- as explained by the Society on behalf of the assessee while purchasing of flat. The Ld.AO has treated the amount as contravening the provisions of section 56(2)(v) of t....