TaxTMI 
TaxTMI 
2025 (11) TMI 643
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....he Income Tax Act, 1961 (hereinafter referred to as the "Act") and relates to Assessment Year (A.Y.) 2010-11. 2. The grounds of appeal raised by the assessee are as under: "1. On the facts and in the circumstances of the case and in law, the ld. CIT(A) has grievously erred in confirming the addition of Rs. 33,24,000/-, without considering the submission of the appellant filed to him during the course of appellate proceedings and has illegally and incorrectly decided the issue against the appellant. The Hon'ble Bench is prayed to delete such illegal addition of Rs. 33,24,000/- as made confirmed by the ld. CIT(A). 2. On the facts and in the circumstances of the case and in law, the order of the ld. CIT (A) confirming ....
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....nd 50% to his trust, namely, Pulin Kanhialal Mehta Trust. That the entire property owned by the assesse's trust and assessee's HUF was sold for a consideration of Rs. 30,50,000/- and 50% of the sale proceed was deposited in the account of the assessee's HUF and the balance 50% in the account of the assessee's trust. Copy of the will of the assessee's father, Pulin Kanhialal Mehta evidencing the impugned property bequeathed to the assessees HUF and also trust; copy of the sale deed of the property reflecting the assessee's HUF and the trust as sellers of the property, even copy of the bank statement of the assessee's HUF and trust reflecting the receipt of sale consideration therein, was filed. However, the AO not....
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.... to consider the main purpose to link all transactions of a person, an assessee to his/her assigned PAN. The PAN of the assessee connects various documents and transactions of the assessee to his/her payment of taxes, assessment, tax demand, tax arrears and so on. The PAN also facilitates retrieval and matching information related to investment, loans and other business activities of taxpayers. As a result, instances of tax evasion can be detected. (5) As per Rule 114B, it is mandatory to quote PAN for sale/purchase of immovable property for an amount exceeding Rs. 5 lacs (Revised limit being sale/purchase exceeding Rs. 10 lacs wef 01.04.2016) (6) Point 4 and 5 above makes it crystal clear that entire mandate and intention....
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....uted the fact that the sale deed mentioned the assessee's HUF and assessee's trust as the sellers of the property, but, however, he has confirmed the addition reiterating the reasoning & logic of the AO. 5. We have noted that the Ld. CIT(A) has appreciated the contentions of the assessee of the impugned property not being owned by him in his individual capacity and has held that the assessee ought to have filed return of income in the capacity of Karta of HUF for the impugned year declaring long term capital gains therein on sale of the impugned property but the assessee has not done anything of the said nature. His findings in this regard are contained at para 4.4 and 4.4.1 of his order as under: "4.4 I have gone throug....
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....Assessing officer and accordingly, the addition made by the AO is upheld. All the grounds raised in this appeal are dismissed. " It is clearly evident from the above facts relating to the sale of the property in question, which we find has not been controverted by the Revenue and is established as a matter of fact by various documents submitted by the assessee, that the property was owned by the assessee's HUF and the assessee's trust and not by the assessee in his individual capacity. The will of assessee's father bequeathing the impugned property to the assessee's HUF and assessee's trust; the sale deed of the impugned property reflecting the assessee's HUF and assessee trust as sellers and the bank account of t....