TaxTMI 
TaxTMI 
2025 (11) TMI 740
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....lowing grounds- "1. The Ld. National Faceless Appeal Centre (NFAC) Delhi (hereinafter referred to as the "Ld. CIT(A)"] erred in passing the order dated 30.01.2025 by upholding the action of Income Tax Officer Ward 19(1)(1), Mumbai in issuing the notice dated 24.03.2023 under section 148 of the Act without appreciating that the Ld. AO has no information which suggest that the income chargeable to tax has escaped assessment in the case of the Appellant for the relevant assessment year. Therefore, the impugned order passed by Ld. CIT (A) is against the provisions of the act as well as settled judicial precedents hence the impunity order passed by Ld. CIT(A) may be quash and set aside. 2. The Ld. CIT(A) fail to appreciate that....
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....ustified and the same may be deleted. 5. The Ld. CIT(A) further erred in making the impugned addition of Rs. 59,66,500/- under section 50C of the Act without issuing any notice or giving any opportunity to the Appellant to explain that the provisions of section 50C is not applicable in its case. Thus, the impugned addition of Rs. 59,66,500/- under section 50C of the Act has been made in gross violation of principal of natural justice and without confronting the Appellant with the same and therefore the same may be deleted. 6. The Appellant denies any liability to pay interest under section 234A, 234B and 234C of the Act. Hence, the same are not leviable. 7. The Appellant craves leave to add, alter, amend, delete, ....
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....see submitted that there is no transfer of shop by the assessee and hence no addition can be made towards the amount received by the assessee. The AO, however, did not accept the submissions of the assessee and proceeded to make addition of Rs. 29,75,000/- as the income of the assessee from business or profession and treated the difference between the stamp duty value and the consideration received as to the tune of Rs. 29,66,500/- as addition u/s. 43CA of the Act. On further appeal, the ld. CIT(A) confirmed the addition made by the AO stating that the entire amount of Rs. 59,66,500/- is to be added u/s. 50C of the Act. The assessee is in appeal before the Tribunal against the order of the ld. CIT(A). 3. The ld. AR submitted that the imp....
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....e other hand, submitted that the ownership of the building is with the assessee as per the findings of the ld. CIT(A) and the assessee has allowed the right to enjoy the flats/ commercial spaces. Accordingly, the ld. DR relied on the order of the lower authorities. 5. We heard the parties and perused the material on record. The assessee is a Housing Society formed by the occupants of the building "Amar Niwas". From the perusal of records, we notice that by the deed of conveyance dated 09.12.1982, the occupants who were the tenants of the building became members of the assessee society by paying 100 times of the rent and the building was handed over to the assessee society by the land lord. We further notice that the assessee society has ....